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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 ...
On 25 August 2012 at 01:11 (05:41 GMT), an explosion caused by the ignition of a leaking gas at the Amuay refinery killed 48 people, primarily National Guard troops stationed at the plant, and injured 151 others. [12] A 10-year-old boy was among the dead. [13] [14] Three days of national mourning was declared by President Hugo Chávez. [15]
[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]
After Venezuela nationalized the oil industry in 1975, PDVSA assumed ownership of San Tomé. The town was a thriving business center because of PDVSA. On 18 September 2006 Venezuela's President Hugo Chávez and Iran's President Mahmoud Ahmadinejad inaugurated a joint oil drilling operation with PDVSA and Iran's Petropars in San Tomé. [21]
Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since 1987. [20] In April 2010, Argentina's president Cristina Fernández de Kirchner introduced a bill on April 16, 2012, for the expropriation of YPF, the nation's largest energy firm. The state would purchase a ...
The oil and gas industry spends only 0.4% of its net sales on research & development (R&D) which is in comparison with a range of other industries the lowest share. [36] Governments such as the United States government provide a heavy public subsidy to petroleum companies , with major tax breaks at various stages of oil exploration and ...
A clickable Euler diagram showing the relationships between various multinational organizations in the Americas v • d • e. Petrocaribe had a total of 18 members: Antigua and Barbuda, Bahamas, Belize, Cuba, Dominica, Dominican Republic, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Saint Kitts and Nevis, Saint Vincent and Grenadines, Saint Lucia, Suriname, and Venezuela.