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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.
It was discovered in 1983 and developed by PDVSA. It began production in 2013 and produces natural gas and condensates. The total proven reserves of the Loran–Manatee gas field are around 10.25 trillion cubic feet (293 km 3), and production is slated to be around 750 million cubic feet/day (21,4×10 6 m 3) in 2018. [1]
PDVSA controls activity involving oil and natural gas in Venezuela. In 1980s, in an aggressive internationalization plan, PDVSA bought refineries in USA and Europe as the American Citgo that catapulted it to the third-largest oil company in the world. [citation needed]
An aircraft used by a state-owned Venezuelan natural gas company to evade U.S. sanctions and export control laws for the benefit of the regime ... PdVSA bought the plane from the U.S. in July 2017 ...
On January 28, 2019, the U.S. Government imposed sanctions on PDVSA, freezing its assets in the U.S., and barring any U.S. firms and citizens from doing business with it. [47] [48] [49] In February, Citgo cut ties with the PdVSA, and halted payments to them, placing them in a "blocked account". However, the sanctions limited Citgo's ability to ...
Many PDVSA partners including Chevron ceased exports of Venezuelan oil as a result, which led to a rapid accumulation of debt and dividends, and the state company began using little known ...
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 ...
Junín block 7 was discovered in 2009 and developed by PDVSA. The oil field is operated and owned by PDVSA. The total proven reserves of the Junín-7 oil field are around 31 billion barrels (4.9 × 10 9 m 3), and production is centered on 200,000 barrels per day (32,000 m 3 /d). [8] Junín block 8 was discovered in 2009 and developed by PDVSA.