Venezuela upstream summary Report

Country Report 26 December 2024

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Report summary

Sanctions remain in place with high uncertainty for their removal - Some operators have received a special license to operate in Venezuela, similar to the one Chevron received in November 2022 by the U.S. Treasury Department. In February 2023, a license was also granted to Trinidad & Tobago by the US government, for assessing the development of the Dragon gas field located in Venezuela, nearby the two countries' maritime border. Other companies that have received such licenses are ...

Executive summary
Key facts
Location maps
Key companies
- Petroleos de Venezuela S.A. (PDVSA)
- International and private investors
  - Majors
  - Other international companies
  - Local companies
Geology
- Introduction
- Maracaibo basin
- Eastern Venezuela basin
- Barinas basin (Barinas-Apure basin)
- Falcón basin
- Tobago basin
- Gulf of Venezuela basin
Exploration
- Licensing
  - Current terms
  - 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)
  - 9 more item(s)...
- Drilling
  - Drilling activity
  - Future 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
- Future production
- Historical production
  - Early production (pre-1976)
  - Post-nationalisation production (1976-1999)
  - Chavez-era production (1999-2013)
- Gas
- Future production
  - Pre-1976 gas production
  - LNG
  - Production since 2000
Infrastructure
- Oil infrastructure
  - Pipelines
  - Refineries
  - Upgraders
- Gas infrastructure
  - Domestic pipelines
  - International pipelines
  - Gas processing
Policy and regulation
- 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
  - 1 more item(s)...
- Gas Policy and Regulation
  - Gas Prices
  - Transportation and Distribution Tariffs
  - Gas sales
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
- 1 more item(s)...