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 Oct 26 |
Venezuela: North American Blue Energy Partners boosts operations with new workover and drilling rigs Eleven new 550-horsepower workover rigs are being deployed for use by North American Blue Energy Partners (NABEP), marking the first time in more than 15 years that new mobile repair-and-maintenance systems will operate in Venezuelan oil fields. |
| 14 Oct 26 |
Venezuela: Primavera announces preparations to take over major oil fields in Venezuela, expands operational leadership team Primavera, a natural resources company headquartered in Houston, Texas, and Caracas, Venezuela, has announced significant progress as it prepares to take over operations of oil fields in Venezuela pursuant to agreements signed between the Ministry of Hydrocarbons, PdVSA and the company on September 2, 2026. |
| 05 Oct 26 |
Venezuela: Baker Hughes signs two agreements to develop Venezuela's natural gas and energy infrastructure Baker Hughes, an energy technology company, Monday announced the signing of two strategic agreements to accelerate the revitalization of Venezuela’s energy infrastructure across the natural gas value chain and expansion of the country’s energy production. |
| 22 Sep 26 |
Venezuela: Halliburton signs agreements to support energy development opportunities in Venezuela Halliburton has announced the signing of memorandums of understanding (MOUs) with Eneva and WESCA to support energy development opportunities in Venezuela and help customers advance projects in the country's oil and gas sector. |
| 17 Sep 26 |
Venezuela: Continental Resources igns MoU with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block Continental Resources has announced the signing of a Memorandum of Understanding (MOU) with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt, one of the world's most prolific oil-producing 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
