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On 29 August 1975, during the tenure of President Carlos Andrés Pérez, "Law that Reserves the Hydrocarbon Industry to the State" was enacted and the state-owned company Petróleos de Venezuela (PDVSA) was created to control all oil businesses in the Venezuelan territory. The law came into effect on 1 January 1976, as well as the ...
Venezuela also has 150 trillion cubic feet (4.2 × 10 12 m 3) of natural gas reserves. The crude oil PDVSA extracts from the Orinoco is refined into a fuel eponymously named 'Orimulsion'. [12] PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels (640,000 m 3) per day (600,000 m 3).
On 29 August 1975, during the tenure of President Carlos Andrés Pérez, "Law that Reserves the Hydrocarbon Industry to the State" was enacted and the state-owned company Petróleos de Venezuela (PDVSA) was created to control all oil businesses in the Venezuelan territory. The law came into effect on 1 January 1976, as well as the ...
Protesters near Terrazas del Avila blocked access to a road, preventing a PDVSA oil truck and resulted with the National Guard dispersing the protesters with tear gas. [ 534 ] 6 July – On the corner where Bassil Da Costa was shot, a memorial plaque was placed to remember Bassil Da Costa and Juancho Montoya, two of the first victims killed ...
[3] [4] In February 2005, after a PDVSA subsidiary had taken a stake in the joint venture, the project again received approval. [3] ConocoPhillips was the operator of the field and owned 32.5% of the project, with PDVSA through subsidiary CVP holding 35%, Italian company Eni holding 26% and Taiwanese company CPC Corporation holding 6.5%. [2] [4]
Long lines of vehicles at a gas station on 10 December 2002. At the beginning, the strike only involved the companies of the employers' association and the unions affiliated to the Workers Federation, but soon PDVSA's directors and employees at the management level decided to support it. As such, the country was practically paralyzed.
The Camisea Gas Project extracts and transports natural gas originating near the Urubamba River in Megantoni District, La Convención Province in the Cusco Region of Peru. The project, which cost nearly four billion dollars by 2015, developed in a remote, forested region of the Amazon Basin which has a population of mostly Indigenous people .
The Coordinadora Democrática, led by the business federation Fedecámaras and the trade union federation Confederación de Trabajadores de Venezuela (CTV), called for a fourth paro cívico, which turned out to be the most serious, and is known as the 2002–2003 oil strike, to begin on 2 December 2002.