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PDVSA Gas, Isla de Margarita. As of 2003, Venezuela had 77.5 billion barrels (1.232 × 10 10 m 3) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil.
Venezuela production of crude oil in oil barrels, 1965-2019. By 1940 Venezuela was the third largest producer of crude oil in the world with more than 27 million tonnes per year - just slightly less than the production in the USSR. [14] In 1941, Isaías Medina Angarita, a former army general from the Venezuelan Andes, was indirectly elected ...
Despite having the largest oil reserves in the world, Venezuela has experienced fuel shortages several times throughout its history due to both economic and political reasons. The general strike of 2002–2003 resulted in the stoppage of the oil industry, which caused fuel shortages domestically, and Nicolás Maduro's administration has ...
Over a hundred employees at Venezuela's state oil company PDVSA, plus others in the oil ministry and parts of the public sector, have been forced to resign over their political views since last ...
According to PDVSA Vice-President Eulogio Del Pino a leak of propane and butane gas was detected an hour before the blast. However, the contingency plan was not implemented. [ 17 ] No operating units were reported damaged by the blast but three storage tanks were burning. [ 3 ]
Venezuela has been producing oil for nearly a century and was an OPEC founder-member. In 2005, Venezuela produced 162 million tons of oil, which is 4.1% of world's total production. By the oil production Venezuela ranks seventh in the world. [4] Venezuela is the world's eight oil exporter and fifth largest net exporter. [4]
The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as Hovensa, it supplied heating oil and gasoline to the U.S. Gulf Coast and the eastern seaboard with the crude mainly sourced from Venezuela. Previously it had sourced its crude feedstock from a number of other countries including Libya.
In 2023, Venezuela held 195 trillion cubic feet (Tcf) of natural gas reserves, making up 73% of South America's total. Most of this gas is associated with crude oil, with 80% produced as a by-product. Despite these vast reserves, much of Venezuela's natural gas is underutilized, used to support mature oil fields or flared due to inadequate ...