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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).
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]
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 ...
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 ...
An example of this is the popular Merey blend (Orinoco bitumen and Mesa crude oil). ConocoPhillips along with PDVSA operate the Merey Sweeny 58,000-barrel-per-day (9,200 m 3 /d) (bpd) delayed coker, vacuum tower and related facilities at ConocoPhillips' refinery in Sweeny, Texas, U.S.A. for processing and upgrading heavy sour Merey crude oil. [5]
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 ...
Domestic consumption peaked at 936 Bcf in 2015 but dropped to 563 Bcf by 2021 due to economic decline. Venezuela is a major gas flarer, with flaring increasing fourfold from 2012 to 2021, reaching 706 Bcf in 2022. Government-regulated prices and subsidies keep natural gas prices below market rates, further limiting investment in the sector. [4]
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]