South America / GoM

Venezuela flag
Summary | Profile

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 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

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