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

15 May 24
Venezuela: Maurel & Prom receives a specific license from the OFAC in relation to its operations in Venezuela
Maurel & Prom has received a specific license it had applied for on 1 September 2023 from the U.S. Treasury Department’s Office of Foreign Assets Control ('OFAC') in relation to its 40% consolidated interest in the mixed company Petroregional del Lago ('PRDL'), which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela.
08 May 24
Venezuela: Maurel & Prom receives a specific license from the OFAC in relation to its operations in Venezuela
Maurel & Prom has received a specific license it had applied for on 1 September 2023 from the U.S. Treasury Department’s Office of Foreign Assets Control ('OFAC') in relation to its 40% consolidated interest in the mixed company Petroregional del Lago ('PRDL'), which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela.
19 Mar 24
Venezuela: Geoex MCG signs contract for multi-client seismic project offshore Venezuela
Geoex MCG, a global subsurface data provider, has announced the signature of a contract for a multi-client seismic project offshore Venezuela. The project is an integral component of a broader campaign aimed at re-evaluating the country’s extensive hydrocarbon potential and in particular increase the certification of its gas reserves. An announcement of a licensing round schedule will follow.
12 Mar 24
Venezuela: Maha Energy pays EUR 4.6 million and signs the agreements for the Venezuelan PetroUrdaneta acquisition
aha Energy has signed the definitive agreements and paid EUR 4.6 million, concluding another important step for acquisition of indirect equity interest in the Venezuelan oil company PetroUrdaneta from Novonor Latinvest Energy.
21 Oct 23
Venezuela: Maha Energy signs exclusive agreement to acquire an interest in Venezuelan oil company PetroUrdaneta
Maha Energy has signed an exclusivity private instrument with Novonor Latinvest Energy granting Maha exclusive rights to acquire 60 percent of Novonor’s 100% owned Spanish subsidiary Odebrecht E&P Espana, which holds 40 percent equity interest of PetroUrdaneta, an O&G joint venture company operating in Venezuela.

Venezuela - more news

Other countries in this region




A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 232

Completed Deals

Completed Upstream Deals: 6585

Company Profiles

Current Company Profiles: 2914

Corporate Activity

Current Corporate Activity articles: 4157

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1663

Geostudies

Current Geostudies articles: 974

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Merlin
energy365
Borchwix
Union Jack Oil 149
Government of South Australia
Telos NRG
OPC
Rose & Assocs
Syntillica
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com