History of The Venezuelan Oil Industry

History Of The Venezuelan Oil Industry

Venezuela is the fifth largest oil exporting country in the world with the largest reserves of heavy crude oil at an estimated 99.4 billion barrels (1.580×1010 m3) as of 2010. Venezuela is the second largest reserves of light and heavy crude oil in the western hemisphere. In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m3/d) and was also the eighth-largest net oil exporter in the world.

Read more about History Of The Venezuelan Oil Industry:  Pre-discovery Years - 1907, 1908-1940 – The Birth of The Venezuelan Oil Industry, 1940-1976 – The Road To Nationalization, 1977-1998 - Years of Decline, 1999-present, Today and The Future

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History Of The Venezuelan Oil Industry - Today and The Future
... Today, Venezuela is the fifth largest oil exporting country in the world with the second-largest reserves of heavy crude oil (after Canada) ... significant amounts of capital investment by national oil company PDVSA ... By 2010, Venezuelan production had in fact declined to ~2.25 Mbbl/d (358,000 m3/d) ...

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