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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.
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 ...
[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]
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 ...
Companies in the petroleum sector evaded the sanctions on Venezuela's state-owned oil company, PDVSA, to continue oil shipments. In October 2023, the administration of Joe Biden temporarily lifted some U.S. sanctions on the oil, gas and gold industries in exchange for the promise of the release of political prisoners and free 2024 elections.
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]
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Unlike the previous strikes, this oil strike included not only the PDVSA management but also substantial parts of its operational staff, including virtually all of its marine flotilla captains. Within days the company was paralyzed. [citation needed] Long vehicular traffics in gas stations on December 10, 2002.