South America / GoM
Country profile: Venezuela
|Location:||Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana|
|Climate:||tropical; hot, humid; more moderate in highlands|
|Terrain:||Andes Mountains and Maracaibo Lowlands in northwest; central plains (llanos); Guiana Highlands in southeast|
|Size:||912050 sq. km total (Land area: 882050 sq. km Water area: 30000 sq.km)|
|Population:||26,414,815 (July 2008 est.)|
|Languages:||Spanish (official), numerous indigenous dialects|
|Legal system:||open, adversarial court system; has not accepted compulsory ICJ jurisdiction|
Venezuela is one of the world’s largest exporters of crude oil and the largest in the Western Hemisphere. In 2006, the country was the sixth-largest net oil exporter in the world. The oil sector is of central importance to the Venezuelan economy: it accounts for more than three-quarters of total Venezuelan export revenues, about half of total government revenues, and around one-third of total gross domestic product (GDP).
Venezuela was a founding member of the Organization of the Petroleum Exporting Countries (OPEC). Natural gas and oil represent the bulk of total energy consumption in Venezuela. After reaching 46 percent of total energy consumption in 1998, the share of natural gas in Venezuela’s oil mix has fallen to 38 percent. During the same period, the share of oil consumption has risen from 32 percent to 38 percent. Hydroelectricity represents the remainder of the country’s energy mix, and Venezuela is well-endowed with hydroelectric potential.
Energy production and consumption
|Production:||2 million bbl/day (2006 est.)||27 billion bbl (2007 est.)|
|Consumption:||599,000 bbl/day (2006 est.)||27 billion bbl (2007 est.)|
|Exports:||2 million bbl/day (2006 est.)|
|Reserves:||79 billion bbl (2007 est.)||4 trillion cu m (1 January 2006 est.)|
Venezuela - recent news
|29 Mar 20
||Venezuela: Rosneft sells its Venezuelan assets
Rosneft has announced the termination of its operations in Venezuela and the disposal of its assets, related to operating in Venezuela. Rosneft has concluded an agreement with the company 100% owned by the Government of the Russian Federation to sell all of its interest.
|12 Mar 19
||Venezuela to pay ConocoPhillips USD 8.7 billion for unlawful expropriation of Company’s oil investments
ConocoPhillips has announced that an international arbitration tribunal has unanimously ordered the government of Venezuela to pay the company USD 8.7 billion in compensation for the government’s unlawful expropriation of ConocoPhillips’ investments in Venezuela in 2007.
|09 Jan 19
||Venezuela congress slams oil deals with US and French companies
Venezuela’s opposition-run congress on Tuesday issued a resolution calling deals between state-run oil company PDVSA and U.S. and French companies announced this week illegal, since they had not been sent to lawmakers for approval.
|20 Dec 18
||Venezuela: Maurel & Prom completes the acquisition of Shell’s stake in the Urdaneta West field in Venezuela
Maurel & Prom has completed the acquisition of Shell's 40 percent interest in the Urdaneta West field in Lake Maracaibo, Venezuela. The field is a producing asset with large reserves and significant upside potential.
|26 Nov 18
||Venezuela rejected BP bid to buy Total's stake in gas block - sources
Venezuela’s oil ministry last month turned down a proposal by BP to buy Total’s stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago, according to a Reuters report.
Venezuela - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,