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
| 29 Apr 26 |
Venezuela: Geoex MCG holds exclusive rights to new Venezuela seismic data acquisition - invites Industry to participate Geoex MCG, a global subsurface data provider, has announced the launch of industry engagement to support a major new offshore 2D seismic acquisition program in Venezuela, as market re-entry accelerates. |
| 29 Apr 26 |
Venezuela: Acting President of Bolivarian Republic of Venezuela Delcy Rodriguez meets with Eni CEO Claudio Descalzi Delcy Rodriguez, Acting President of Bolivarian Republic of Venezuela met with Eni CEO, Claudio Descalzi in Caracas. Eni signed a programmatic agreement with the Ministry of Hydrocarbons and PDVSA to relaunch oil activities, specifically Junin-5 (PDVSA 60%, Eni 40%), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place. |
| 19 Apr 26 |
Venezuela: Repsol agrees on conditions to increase its oil production in Venezuela Repsol has signed an agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company Petróleos de Venezuela (PDVSA) that will allow it to increase production of oil at Petroquiriquire (60% PDVSA, 40% Repsol), ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the Framework Agreement originally signed in 2023. |
| 14 Apr 26 |
Venezuela: Chevron consolidates Venezuela heavy oil position in asset swap Chevron has, through its subsidiaries with interests in Venezuela, agreed to an asset swap with Petroleos de Venezuela, S. A. ('PDVSA') and subsidiaries of PDVSA in a mutually beneficial agreement which will consolidate all parties’ focus on strategic assets in the country. |
| 18 Feb 26 |
Venezuela: Geoex MCG has announced the availability of its multi client seismic data offshore Venezuela Geoex MCG, a global subsurface data provider, has announced the broad availability of its multi client seismic data offshore Venezuela. This release opens the door for exploration companies to re engage with one of the world’s most prolific yet underexplored hydrocarbon regions. |
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
