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
| 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
- 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
