Country Report

Venezuela upstream summary

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30 April 2018

Venezuela upstream summary

Report summary

Venezuela is one of Latin America's key producers and an active member of OPEC. Oil production started in 1917 in the Maracaibo basin, which was historically the country's most prolific area. In 2000, production from the Eastern Venezuela basin surpassed that of the Maracaibo basin for the first time. The largely undeveloped Orinoco Heavy Oil Belt holds most of the remaining oil potential and is one of the largest deposits of oil in the world.The oil and gas industry is highly ...

Table of contents

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
    • Introduction
    • Maracaibo basin
    • Eastern Venezuela basin
    • Barinas basin (Barinas-Apure basin)
    • Falcón basin
    • Tobago basin
    • Gulf of Venezuela basin
    • Licensing
      • Early licensing
      • Nationalisation and PDVSA's formation
      • La Apertura (1991)
      • First Operating Service Agreement (Marginal Fields) bidding round (1992)
      • Second Operating Service Agreement (Marginal Fields) bidding round (1993)
      • First exploration bidding round (1994)
      • Third Operating Service Agreement (Marginal Fields) bidding round (1996)
      • Orinoco Heavy Oil (Faja) licensing
      • Contract migration (2000s)
      • Additional Orinoco licensing
    • Gas
      • 2001 gas licensing round
      • Plataforma Deltana Gas: 2002/3 round
      • Rafael Urdaneta Gas: 2005 round
      • Delta Caribe Gas: 2006 round
      • Trinidad and Tobago agreements
    • LNG
    • Drilling
      • Drilling activity
      • Early drilling activity (pre-1975)
      • Post-nationalisation drilling (1975-1990)
      • Post-Apertura drilling (1990-Present)
    • Oil
    • Gas
      • Onshore
      • Offshore
    • Liquids
      • Early production (pre-1976)
      • Post-nationalization production (1976-1999)
      • Chavez-era production (1999-2013)
      • Recent and future production (post-2013)
    • Gas
      • Pre-1976 gas production
      • Recent and future gas production
    • Oil infrastructure
      • Pipelines
      • Refineries
      • Upgraders
    • Gas infrastructure
      • Pipelines
      • Gas processing
    • Key legislation
    • Regulatory body
      • Ministerio del Poder Popular de Petróleo y Minería (MPPPM)
      • National Gas Entity
    • State oil company
      • Corporación Venezolana del Petróleo (CVP)
      • Petróleos de Venezuela (PDVSA)
    • State participation
      • 2001 Hydrocarbons Law
      • Operating Service Agreements (OSAs, or Marginal Fields)
      • Strategic Associations
      • Association Agreements (Profit Sharing Agreements)
      • 2000 Natural Gas Law
    • Licensing
      • Introduction
      • First Round Marginal Fields Service Contracts - 1991
      • Second Round Marginal Fields Service Contracts - 1993
      • Association Agreements - 1995
      • Third Round Marginal Fields Service Contracts - 1997
      • Strategic Associations - 1990s
      • 2001 Gas Licences
      • Plataforma Deltana Licences - 2003/4
      • Rafael Urdaneta Project - 2004
    • Gas Policy and Regulation
      • Gas Prices
      • Transportation and Distribution Tariffs
      • Gas sales
    • Current fiscal terms
    • Introduction
    • Oil project terms
    • Gas project terms
    • Gas empresas mixtas terms (former OSAs)
    • Marginal government take calculation
    • Sample Cash Flows
    • Historical background
    • Strategic Association (SA) Contracts
      • 2008 Windfall Tax
      • 2011 Windfall Tax
      • 2013 Windfall Tax

Tables and charts

This report includes 33 images and tables including:

  • Key facts: Table 1
  • Country Map
  • Remaining Commercial and Technical Reserves at 01/01/2018
  • Liquids and Gas Production 2018
  • Reserves and resources: Table 1
  • Reserves and resources: Table 2
  • Map of Venezuela's Basins
  • Maracaibo Basin Stratigraphic Column
  • Eastern Venezuela Basin Stratigraphic Column
  • Fiscal terms: Table 1
  • Fiscal terms: Table 2
  • Fiscal terms: Table 3
  • Map showing location of original exploration PSC awards
  • Map showing location of marginal fields awarded
  • Faja blocks
  • Blocks Offered in the 2001 gas licensing round
  • Blocks in the 2005 Rafael Urdaneta licensing round
  • Drilling Activity by Well Type
  • Reserves and resources: Table 3
  • Production: Table 1
  • Production: Table 2
  • Liquid Production by Basin
  • Production: Table 3
  • Production: Table 4
  • Infrastructure: Table 1
  • Infrastructure: Table 2
  • Eastern Venezuela Oil Infrastructure Map
  • Western Venezuela Oil Infrastructure Map
  • Infrastructure: Table 3
  • Eastern Venezuela Gas Infrastructure Map
  • Western Venezuela Gas Infrastructure Map
  • Evolution of PDVSA to 1997
  • GEM models

What's included

This report contains:

  • Document

    Country Overview

    PDF 37.07 MB

  • Document

    Country Overview

    XLS 643.00 KB

  • Document

    Country Overview

    ZIP 37.53 MB

  • Document

    Executive summary

    PDF 679.89 KB

  • Document

    Key facts

    PDF 687.66 KB

  • Document

    Location maps

    PDF 5.30 MB

  • Document

    Key companies

    PDF 721.08 KB

  • Document

    Geology

    PDF 4.21 MB

  • Document

    Exploration

    PDF 6.56 MB

  • Document

    Reserves and resources

    PDF 723.02 KB

  • Document

    Production

    PDF 753.25 KB

  • Document

    Infrastructure

    PDF 22.88 MB

  • Document

    Policy and regulation

    PDF 756.84 KB

  • Document

    Fiscal terms

    PDF 762.56 KB

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