How does Venezuela's economic policy affect energy consumption?
Venezuela's restrictive economic policies (Figure 3) have resulted in a decrease in inflation-adjusted GDP per capita, which has led to a decrease in energy consumption (Figure 4). Venezuela has the refining capacity to meet its domestic demand, but the country’s refineries are in poor condition.
Will a new project increase Venezuela's production?
According to IPD Latin America, ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term. As a result, we estimate that these projects will increase Venezuela's total output to around 900,000 b/d by the end of .7
Why did energy production decrease in Venezuela?
These factors led to a lack of investment and maintenance in the energy sector and a deteriorating infrastructure.1 As such, Venezuela's total energy production decreased by an annual average rate of 8.2% from to . Petroleum and other liquids accounted for most of the energy production decrease.2
What is the main source of revenue for the Venezuelan government?
PDVSA is the largest source of revenue for the Venezuelan government. When Venezuela nationalized its oil industry in the 1970s, PDVSA was formed. The government gave the company significant autonomy until the 1990s, when it took direct control of PDVSA.
How much natural gas does Venezuela have?
Venezuela has significant natural gas reserves, accounting for 73% of total natural gas reserves in South America and totaling 195 trillion cubic feet (Tcf) as of .23 The majority of the country's natural gas reserves are associated with crude oil; around 80% of produced natural gas is associated gas produced as a by-product of oil production.
Why is Venezuela struggling with oil & natural gas development?
Furthermore, budgetary constraints at Venezuela's state oil company PDVSA and a lack of qualified technical personnel and foreign direct investment have all hampered Venezuela’s oil and natural gas development. PDVSA is the largest source of revenue for the Venezuelan government.
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