Country report
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66 Pages

Venezuela upstream summary


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 a highly ...

What's included?

This report includes 2 file(s)

  • Country Overview PDF - 2.07 MB 66 Pages, 15 Tables, 18 Figures
  • Country Overview XLS - 642.50 KB

Description

Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key upstream issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream summary is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research. Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in commercial data and analysis.

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
  • Geology
    • Introduction
    • Maracaibo basin
    • Eastern Venezuela basin
    • Barinas basin (Barinas-Apure basin)
    • Falcón basin
    • Tobago basin
    • Gulf of Venezuela basin
  • Exploration
    • 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)
  • Reserves and resources
    • Oil
    • Gas
      • Onshore
      • Offshore
  • Production
    • 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
  • Infrastructure
    • Oil infrastructure
      • Pipelines
      • Refineries
      • Upgraders
    • Gas infrastructure
      • Pipelines
      • Gas processing
  • Policy and regulation
    • Key legislation
    • Regulatory body
      • Ministerio del Poder Popular de Petróleo y Minería (MPPPM)
      • Petróleos de Venezuela (PDVSA)
      • 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
      • Third Round Marginal Fields Service Contracts - 1997
      • Association Agreements - 1995
      • 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
  • Fiscal terms
    • 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

In this report there are 33 tables or charts, including:

  • Executive summary
  • Key facts
    • Key facts: Table 1
  • Location maps
    • Country Map
  • Key companies
    • Remaining Commercial and Technical Reserves at 01/01/2016
    • Liquids and Gas Production 2015
  • Geology
    • Map of Venezuela's Basins
    • Maracaibo Basin Stratigraphic Column
    • Eastern Venezuela Basin Stratigraphic Column
  • Exploration
    • 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
    • Reserves and resources: Table 1
    • Reserves and resources: Table 2
    • Reserves and resources: Table 3
  • Production
    • Production: Table 1
    • Production: Table 2
    • Liquid Production by Basin
    • Production: Table 3
    • Production: Table 4
  • Infrastructure
    • 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
  • Policy and regulation
    • Evolution of PDVSA to 1997
  • Fiscal terms
    • Fiscal terms: Table 1
    • Fiscal terms: Table 2
    • Fiscal terms: Table 3
    • GEM models
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