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 |
| Government: | federal republic |
| Capital city: | Caracas |
| Legal system: | open, adversarial court system; has not accepted compulsory ICJ jurisdiction |
| Currency: | bolivar (VEB) |
| Licensing: |
Country profile
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
| Oil | Gas | |
| 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.) | |
| Imports: | ||
| Reserves: | 79 billion bbl (2007 est.) | 4 trillion cu m (1 January 2006 est.) |
| Major fields: |
Venezuela - recent news
| 02 Sep 26 |
Venezuela: Eni signs strategic contract in Venezuela and becomes Operator of the super giant Junín-5 oil field Eni and PDVSA signed the 'Contrato de Participación Productiva de Hidrocarburos' (CPPH) relating to the development of the Junín 5 giant oil field, located onshore in the Orinoco Belt. The CPPH, which has a duration of 25 years with the possibility of extension, grants Eni the role of exclusive Operator of the Junín 5 area, with full responsibility for the technical, financial and commercial management of the project. Junín 5 is a heavy oil field containing 35 billion barrels of certified oil in place. |
| 14 Aug 26 |
Venezuela: XRG advances global gas strategy with entry into Venezuela XRG, ADNOC's international energy investment company, has announced its entry into Venezuela through the award of the offshore Loran licence by the Bolivarian Republic of Venezuela, and the transfer of interest in the license by PDVsA Gas. The licence contains over 4 trillion cubic feet of proven gas resources. |
| 13 Aug 26 |
Venezuela: bp awarded Loran Phase 2 licence as bp and Venezuela deepen offshore energy cooperation bp and the Government of the Bolivarian Republic of Venezuela have signed agreements to advance offshore gas development, including the award of an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area. Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas resources. |
| 17 Jun 26 |
Venezuela: Repsol signs agreement to explore and develop a new oil area in Venezuela Repsol has signed a memorandum of understanding with Venezuela's Ministry of Hydrocarbons and state-owned oil company Petróleos de Venezuela (PDVSA) to assess the potential development of a new area known as Horcón, located southeast of Lake Maracaibo. |
| 12 Jun 26 |
Venezuela: SLB and PDVSA sign MoU for digital transformation of Venezuela’s oil and gas sector SLB has signed a long-term framework agreement with Petróleos de Venezuela, S.A. (PDVSA) to support the revitalization and modernization of Venezuela’s oil and gas sector. The memorandum of understanding (MoU) establishes a basis for cooperation across exploration, field development, production, digital enablement and workforce training and development. |
Venezuela - more news
Other countries in this region
- Argentina,
- Aruba,
- Bahamas,
- Barbados,
- Belize,
- Bermuda,
- Bolivia,
- Brazil,
- Canada,
- Chile,
- Colombia,
- Costa Rica,
- Cuba,
- Dominican Republic,
- Ecuador,
- Falklands,
- French Guiana,
- Grenada,
- Guatemala,
- Gulf of Mexico,
- Guyana,
- Honduras,
- Jamaica,
- Mexico,
- Nicaragua,
- Panama,
- Paraguay,
- Peru,
- Suriname,
- Trinidad,
- Uruguay,
- USA
