Petroleos de Venezuela S.A.
Av. Libertador La Campina, torre Este
Edificio Petroleos de Venezuela
Caracas, Distrito Federal
Venezuela
Tel: 58-212-7081111 / 58-212-7084111
Petroleos de Venezuela S.A. (PDVSA), the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for exploration, production, refining, transport and commerce of hydrocarbons.
As well as their E&P activities in Venezuela, the company also has refining and marketing operations in the Caribbean, Europe, and the US. PDVSA operates in the US, Gulf of Mexico and the Caribbean through its Citgo marketing and refining arm. The oil producer has some of the world's largest petroleum reserves. Created in 1976, the company is headquartered in Caracas, Venezuela.
Venezuela contains some of the largest oil and natural gas reserves in the world. It consistently ranks as one of the top suppliers of U.S. oil imports and is among the top ten oil producers in the world.
Venezuela nationalized its oil industry in the 1970s, creating Petroleos de Venezuela S.A. (PDVSA), the country's state-run oil and natural gas company. In addition to being Venezuela's largest employer, PDVSA accounts for a significant share of the country's gross domestic product (GDP), government revenue, and export earnings.
In 2002, conflicts between PDVSA's employees and the government led to a strike in protest against the rule of then-President Chavez, largely bringing the company’s operations to a halt. In the wake of the strike, PDVSA overhauled the internal organization to solidify government control. There was a loss of technical capabilities that affected PDVSA’s overall energy production. In 2006, Chavez implemented the nationalization of oil exploration and production in Venezuela, mandating joint ventures with PDVSA with a renegotiation of a 60% minimum PDVSA share in projects. Sixteen firms, including Chevron, ExxonMobil, and Royal Dutch Shell, complied with new agreements, and Total and Eni were forcibly taken over.
KEYFACT Energy