VenezuelaPower.com
Thu, 31 July 2014 VENEZUELA ENERGY INFO
March 2001

Venezuela

Venezuela is important to world energy markets because it holds proven oil reserves of 77 billion barrels, plus billion of barrels of extra-heavy oil and bitumen. Venezuela consistently ranks as one the top suppliers of U.S. oil imports and is among the top ten crude oil producers in the world.

Note: information contained in this report is the best available as of March 2001 and can change.


GENERAL BACKGROUND
In December 1998, Hugo Chávez won Venezuela's presidential election with 56% of the vote, running on a populist agenda against the established political order. He was re-elected in May 2000. Chávez has won overwhelming support from Venezuela's poor, who constitute one-half of the population and hope to benefit from Chávez's promises to raise living standards and end corruption. Venezuela has endured difficult economic conditions in recent years, but strong world oil prices beginning in 1999 helped the country to achieve positive gross domestic product (GDP) growth, forecast to reach 4.5% in 2001.

President Chávez has introduced significant political changes in Venezuela. In December 1999, a 131-member Constituent Assembly rewrote the 1961 constitution, increasing the presidential term from five years to six, allowing the president to run for re-election, and replacing the bicameral Congress of the Republic with a unicameral National Assembly. The military's political influence has increased, and civilian control over the military has decreased. Chávez has fostered stronger ties with Cuba and Iraq and has been more vocally critical of the United States than his predecessors.

Chávez has stated intentions to make his country more attractive to foreign investors. Toward that end, he passed a Law for Promotion and Protection of Investment in October 1999. The law guarantees stability in taxation and investment incentives for up to ten years after a contract is signed. However, investment activity has decreased since Chávez's election, suggesting that Chávez's increased concentration of power in the executive has worked against promoting investor confidence.

The Venezuelan economy is extremely oil-dependent, despite efforts at diversification. Oil accounts for roughly three-quarters of total Venezuelan exports, about half of government revenues, and about one-third of GDP. The country's positive economic outlook for 2001-2002 is widely considered to be reliant on world oil markets supporting strong prices for Venezuelan crude oil.

A founding member of the Organization of Petroleum Exporting Countries (OPEC), Venezuela is one of the world's largest oil exporters. Not historically known for its adherence to OPEC production quotas, Venezuela under Chávez produces amounts very near to its quota levels. Venezuela's stronger position in OPEC helped the oil producing pact to cut back production and engineer the oil price recovery of 1999.

OIL
Venezuela is home to the western hemisphere's largest oil reserves at 77 billion barrels. In 2000, Venezuela produced an estimated 3.1 million barrels per day (bbl/d). Venezuela exported about 2.6 million bbl/d, of which about 1.5 million bbl/d went to the United States, about 58% of net Venezuelan exports. The United States has become increasingly reliant on oil imports from Venezuela in recent years. EIA estimates that Venezuelan oil consumption in 2000 amounted to 476,000 bbl/d, up 14,000 bbl/d from 1999. Consumption is subsidized by the Venezuelan government.

Sector Organization and Foreign Investment
Venezuela nationalized its oil industry in 1975-76. PdVSA, one of the world's largest oil companies, is by far the largest business and employer in the nation. In an unexpected response to a labor dispute in October 2000, Chavez replaced Hector Ciavaldini, PdVSA president since August 1999, with Guaicaipuro Lameda Montero. Lameda is a military general and engineer who had headed the government budget office. The company experiences periodic labor disputes and strikes. Talks between Lameda and the oil workers' union in order to avoid a strike were scheduled for the end of February/beginning of March 2001.

Privatization of the company is banned by the 1999 constitution. Since 1996, auctions and investments in oil and gas rights have earned PdVSA billions of dollars in joint venture agreements with major international oil companies. PdVSA has established "strategic alliances" and "production sharing agreements" (PSAs) with foreign oil companies. However, political uncertainty and disappointing returns on investments have worked against increased private involvement in the sector.

Since 1996, private oil companies from around the world have participated in rounds of bidding for "operating services agreements." The deals, part of Venezuela's reopening to foreign companies under former PdVSA head Luis Giusti, were designed to help PdVSA attain its goal of increasing production capacity. In the third round of bidding in 1997, over 100 foreign companies pre-qualified for bidding on 20 blocks. The 16 eventual foreign winners included U.S. Chevron, Phillips, Arco, Union Texas, and Pennzoil; Argentina's Perez Companc; Canada's Pancanadian; China's CNPC; Spain's Repsol; and UK Lasmo. Reserves and production capacity at these fields proved to be lower than the companies had hoped, and the 1998 oil price collapse further cut investment at the fields. Analysts believe that only 3 of the 18 marginal fields awarded in 1997 have proven valuable.

Some foreign companies remain committed to Venezuela's marginal fields. In October 2000, Chevron pledged to invest $4 billion in the Lake Maracaíbo region over the next 20 years. Brazil's Petrobras is considering involvement in new marginal fields, as part of a larger energy cooperation plan being pursued by Brazil and Venezuela.

In the past, PdVSA has adjusted its own production to ensure that Venezuela as a whole meets its OPEC production targets. Thus, during periods of OPEC production cuts, private companies operating in joint ventures with PdVSA could maintain steady output. Energy and Mines Minister Alvaro Silva now plans to include in the cuts some joint venture projects in the Orinoco extra-heavy crude belt that were previously exempt. While most joint venture contracts prohibit cuts, the government believes that some are unprotected.

Exploration and Production
Venezuela's oil production capacity dropped significantly as a result of 1998-1999 OPEC production cuts. Wells were abandoned and spending on exploration decreased. Silva has stated that PdVSA will continue upstream investments, even as it cuts back production in line with OPEC agreements.

According to a five-year plan released in late February 2001, PdVSA plans to spend $45.3 billion on its oil and gas sector between 2001 and 2006, and aims to raise crude oil production capacity to 5.5 million bbl/d by 2006. EIA estimates current capacity at just over 3.0 million bbl/d. Chávez had previously planned to reach capacity of 5.5 million bbl/d by 2008. The plan calls for PdVSA to contribute 47% of the $45.3 billion total budget, or $21.2 billion, while private investors are expected to contribute $24 billion. Of its share, PdVSA plans to spend roughly 60% on oil exploration and production, 20% on natural gas development, and less than 10% on refinery upgrades.

Venezuela has four major sedimentary basins: Eastern, Western, Barinas-Apure (where most oil production occurs), and the largely unexplored Northern basin. Due to the maturity of many of these basins, PdVSA spends a good deal of its budget on the application of secondary and enhanced oil recovery techniques to maintain output levels. Proven reserves in these fields are estimated at close to 2 billion barrels of light and medium crude oil. Heavy crude oil with gravities of less than 20° API accounts for about three-quarters of Venezuelan oil production. The largest heavy oil reserves are in the 270-mile long by 40-mile wide Orinoco Heavy Oil Belt in eastern Venezuela.

Heavy Crude
There are four congressionally approved joint ventures in extra-heavy crudes in the Orinoco Belt in which PdVSA is a minority owner. They are now in different stages of development. The projects could add 600,000 bbl/d of syncrude to international markets by 2006, much of which will be destined for the U.S. Gulf Coast. The Orinoco Belt has recoverable reserves estimated at 100 billion barrels, although the quality of the tar-like oil is poor. All four projects aim to convert the extra heavy crude from approximately 9° API crude to about 20-23° API, and even as high as 32° API of synthetic crude. These projects now represent some of the most successful investments in the Venezuelan upstream, but future projects could encounter difficulties in becoming economically viable, as preferential financial terms negotiated under the previous Venezuelan administration are unlikely to be repeated by Chávez.

The first project, Conoco's Petrozuata, is prepared to begin commercial production as of late February 2001. Petrozuata will produce an estimated 120,000 bbl/d of heavy oil, for upgrading into 103,000 bbl/d of 22° API gravity syncrude. Conoco hopes to get permission from PdVSA to increase capacity to 150,000 bbl/d by 2003. Conoco is contemplating an expansion of Petrozuata to produce a further 120,000 bbl/d of heavy crude by 2006, which would be converted into refined products. Petrozuata's initial production of syncrude will be processed at PdVSA refineries and a Conoco plant at Lake Charles, Louisiana.

The other three projects include: ExxonMobil and Veba's (Germany) Cerro Negro; TotalFinaElf (France) and Statoil's (Norway) Sincor; and Phillips and Texaco's Ameriven. Cerro Negro is due to start producing 105,000 bbl/d of syncrude from mid-2001. Sincor could produce 160,000 bbl/d of syncrude beginning in 2002, later rising to 180,000 bbl/d. Of the four projects, Sincor will produce the highest quality grade, of 32° API, for sale on the open market. Limited production of 40,000 bbl/d has already begun. Ameriven has experienced the most delays and is not expected to begin production for about three years.

Refining
PdVSA operates one of the Western Hemisphere’s largest refining systems and is one of the world's largest oil refiners. Domestic refinery capacity stands at about 1.3 million bbl/d, with significant additional holdings in Curaçao, the United States (in Lake Charles, Lemont, Corpus Christi, Paulsboro, Savannah, and Lyondell), and Europe (with Nynas and Ruhr Oel).

Venezuela plans to invest $2.6 billion in refinery upgrades over the next five years, mostly for improving product quality rather than expanding capacity. Upgrading the Isla Refinery and the Paraguaná complex (home to about 70% of Venezuela's refinery capacity) will be top priorities, as well as construction and expansion at the Puerto La Cruz, Amuay, and Cardon refineries.

PdVSA now has a reformulated gasoline production capacity of about 200,000 bbl/d. About one-third of Venezuela's refined product exports are exported to the United States, where they are distributed mainly by Tulsa-based Citgo, PdVSA's U.S. refining and marketing subsidiary, and one of the largest U.S. gasoline retailers.

Orimulsion
Orimulsion is a branded product that is used as a boiler fuel, similar to #6 fuel oil. It is an emulsion of approximately 70% natural bitumen, 30% water, and less than 1% surfactants (emulsifiers). Bitumen is considered a non-oil hydrocarbon and is not counted towards Venezuela's OPEC crude oil production quota. Burning Orimulsion in conventional power plants produces emissions of carbon dioxide, sulfur dioxide, and nitrogen oxide roughly similar to emissions from fuel oil.

Bitor, a PdVSA subsidiary, manages the processing, shipping and marketing of Orimulsion. Bitor now operates one Orimulsion plant in Cerro Negro, with a capacity of 5.2 million metric tons per year, and hopes to produce 20 million metric tons per year by 2006. According to Bitor, more than 1.2 trillion barrels of bitumen exist in the Orinoco Belt. Economically recoverable reserves are now estimated at about 267 billion barrels. Canada, China, Denmark, Guatemala, Italy, Japan, and Lithuania either consume or are considering consuming Orimulsion.

NATURAL GAS
Venezuela has proven natural gas reserves of about 146.8 trillion cubic feet (Tcf), the most in Latin America and among the largest in the world. Current plans call for exploration to increase Venezuela's proven reserves. The country produced only about 1 Tcf in 1999. Domestic demand is relatively low (about 1 Tcf was consumed in 1999), largely because Venezuela's highly developed hydropower industry thus far has precluded the use of gas for power generation. About 60% of the country's gas production is consumed by the oil industry, which either re-injects the gas into oil fields or flares it; about 10% is consumed for power generation; 6% is used in petrochemical production; and the rest is used mainly by industrial or commercial customers in large cities. The Chávez administration plans to increase gas production and consumption.

PdVSA traditionally has had a monopoly on Venezuelan natural gas production. Foreign companies, such as Shell, have operated in joint ventures with PdVSA. However, August 1999 legislation opened up the sector to foreign investment in exploration and production, distribution, transmission, and gasification (although no company would be allowed to explore, produce, and transport in the same region). The law allows for up to 20% to be charged in royalties.

To date, there has been one licensing round for natural gas exploration and production, in 1996. Three consortia, led by Burlington, TotalFinaElf, and BP, want to return oil exploration blocks that they won in that round because of disappointing exploration results. Of the five blocks still under contract, only the Gulf of Paria West, operated by Conoco, yielded a big find.

A second licensing round for 11 exploration and production areas, scheduled for December 2000, has been pushed back until at least spring 2001. PdVSA attributed the delay to unresolved tariff issues. Twenty-eight foreign and domestic companies have been qualified to bid, including ExxonMobil, BP, ENI, Chevron, Texaco, and Repsol YPF. Two of the new areas offered have proven gas reserves of 2 Tcf and further exploration potential. The remaining areas are considered to be more risky.

Existing natural gas infrastructure consists of 3,000 miles of pipeline, and Venezuela is seeking foreign investors to help expand this network. At least seven new privately-built pipelines are planned as part of a ten-year, $8-10 billion natural gas project to decrease the country's reliance on oil. The first pipeline, to be built by U.S.-based CMS, currently is facing delays.

Venezuela is interested in connecting its gas distribution network to that of neighboring Colombia. Through Colombia, Venezuela could connect to much of the South American continent. It also is interested in connecting with northern Brazil.

COAL
Venezuela has recoverable coal reserves of approximately 528 million short tons (Mmst), most of which is bituminous. Venezuela is the third largest producer of coal in Latin America, after Colombia and Brazil. Production in 1999 amounted to over 8 Mmst, almost all of which was exported to other countries in the region, the eastern United States, and Europe. Domestic consumption in 1999 was only about 13 thousand short tons.

The Guasaré Basin, near the Colombian border, is the major coal producing region in Venezuela. Coal production has been limited during the last several years by infrastructure and transportation constraints. The government announced in April 1999 intentions to increase production of high-quality coal to 21 million tons per year by 2008. Venezuela's coal sector is dominated by Carbozulia, which is owned by PdVSA.

ELECTRICITY
Venezuela has about 21.5 gigawatts (GW) of electric generating capacity. Venezuela has one of the highest electrification rates in Latin America at over 90%, and Venezuelans are the highest per capita users of electricity in Latin America. Venezuela generated 81.2 billion kilowatthours of electricity generation in 1999, 68% of which was hydropower, while the remainder was oil- and to a smaller extent natural gas-fired. Increased demand in coming years will be met with a combination of natural gas and oil as well as hydropower. The proportions of hydropower to thermal power are expected to remain constant. Venezuela is home to the world's second largest operational hydroelectric dam (after Itaipu in Paraguay/Brazil), the 10,000-megawatt Raul Leoni dam on the Caroní River. Venezuela typically generates excess power. Venezuela's grid is joined with Colombia, allowing trade between the two countries, and connections with Brazil are under consideration.

Sector Organization
The Venezuelan Chamber for the Electricity Industry plans to deregulate and privatize the sector. Currently, the Venezuelan electricity sector is a mixture of state-owned utilities, comprising the majority of the sector, and some private companies. The sector has been characterized by under-investment, heavy state control, controlled tariff rates, and frequent shortages. The rapid electricity demand growth and serious under-investment in the power sector have resulted in shortages and a need for private investment, at an estimated cost of $5 billion over the next five years.

Venezuela began privatizing its regional power distribution companies in 1998-1999, when a consortium led by U.S.-based CMS Energy Corporation paid $90 million for a 50-year operating concession of the Electric System of Nueva Esparta (SENE) utility on the tourist resort of Margarita Island. The sales of utilities Enelven and Semda were due to take place shortly thereafter, but were postponed. Privatization plans were reactivated in the summer of 2000, this time with the aim of finding strategic partners for participation in the electricity sector. The new effort is targeted at finding companies to purchase majority interests in state utilities and to operate the companies rather than to find outright buyers for the utilities.

As a final preparatory step before sales commence, the government plans to "unbundle" electricity companies by September 2001, separating firms into generation, transportation, distribution, and marketing units. Eight companies from the United States, Spain, Argentina and Venezuela have qualified to bid for controlling 51% stakes in two state-run regional power companies. The government has said it plans to carry out the privatizations of Enelven, in the western Zulia state, and Semda, in the eastern Monagas and Delta Amacuro states, in 2001. Enelven was in the process of unbundling its assets as of early March 2001, in preparation for sale. Edelca is the country's largest utility and has been restructuring in preparation for privatization for two years. Break up of the company is expected in 2001.

Also in preparation for privatization, electricity rates across the nation increased in January 2001. Consumers historically have paid only a fraction of the cost of their electricity. Government controlled electricity prices have been well below market rates in most regions, and increases of up to 48% were permitted as of January 1.

In June 2000 U.S.-based AES Corporation launched an unexpected and successful hostile takeover bid for Electricidad de Caracas (EDC), Venezuela's largest privately-owned power company. AES paid $1.7 billion for the company. The Chávez administration is recorded as considering the sale a completely private affair in which the government had no interest, separate from overall deregulation and privatization plans.

ENVIRONMENT
Venezuela's environmental problems include
pollution and deforestation. Pollution from energy production and consumption is high relative to Venezuela's neighbors, as production is the mainstay of its economy and consumption is heavily subsidized. Therefore, it emits more carbon than many of its neighbors. Its use of non-hydro renewable energy sources is low. Addressing the high levels of energy intensity and pollution will present major environmental challenges as Venezuela enters the 21st century.


COUNTRY OVERVIEW
President: Hugo Chávez Frías (since December 1998)
Independence: July 5, 1811 (from Spain)
Population (2000E): 23.5 million
Location/Size: Northern South America/352,144 square miles, slightly more than twice the size of California
Major Cities: Caracas (capital), Maracaíbo, Valencia, Maracay, Barquisimento
Languages: Spanish (official), Indian dialects in the interior
Ethnic Groups: Spanish, Italian, Portuguese, Arab, German, African, indigenous people
Religions: Roman Catholic (96%), Protestant (2%)
Defense (8/98): Army (34,000), Navy (15,000, including 5,000 Marines), Air Force (7,000), National Guard (23,000)

ECONOMIC OVERVIEW
Currency: Bolívar
Official Exchange Rate (3/01/01): US$1 = 705 Bolívars
Gross Domestic Product (2000E): $109.5 billion
Real GDP Growth Rate (2000E): 3.1% (2001F): 4.5%
Fiscal balance, % of GDP (2000E): -1.9% (2001F): -3.6%
Inflation Rate, % change in consumer prices (2000E): 14.0% (2001F): 14.6%
Unemployment Rate (2000E): 14.6%
Major Trading Partners: United States, Colombia, Germany, Japan, Canada, and Italy
Major Export Products: Petroleum and derivatives (80%), aluminum (4%)
Major Import Products: Capital goods (20%), consumer goods (20%), and raw materials (60%)
Foreign Debt (2000E): $32 billion

ENERGY OVERVIEW
Minister of Energy and Mines: Alvaro Silva Calderon
Head of PdVSA: General Guaicaipuro Lameda Montero
Proven Oil Reserves (1/1/01): 76.8 billion barrels
Oil Production (2000E): 3.1 million barrels per day (bbl/d), of which 2.9 million bbl/d was crude
OPEC Crude Oil Production Quota (2/1/01): 2.9 million bbl/d
Oil Consumption (2000E): 476,000 bbl/d
Net Oil Exports (2000E): 2.6 million bbl/d
Crude Oil Refining Capacity (1/1/01): 1.3 million bbl/d in Venezuela, with almost 2 million bbl/d of capacity in the Caribbean, the United States and Europe
Major Crude Oil Customers: United States, Canada, Germany, Spain
Oil Exports to the United States (first 10 months of 2000): 1.5 million bbl/d, of which 1.2 million bbl/d was crude
Natural Gas Reserves (1/1/01): 146.8 trillion cubic feet (Tcf)
Natural Gas Production/Consumption (2000E): 1.0 Tcf
Coal Reserves (12/31/96): 528 million short tons (Mmst)
Coal Production (1999E): 8.32 Mmst
Coal Consumption (1999E): .01 Mmst
Electric Generation Capacity (1/1/99E): 21.5 gigawatts
Electricity Production (1999E): 81.2 billion kilowatthours (68% hydroelectric)

ENVIRONMENTAL OVERVIEW
Minister of Environment and Natural Renewable Resources: Ana Elisa Osario
Total Energy Consumption (1999E): 2.8 quadrillion Btu* (0.7% of world total energy consumption)
Energy-Related Carbon Emissions (1999E): 37.9 million metric tons of carbon (0.6% of world carbon emissions)
Per Capita Energy Consumption (1999E): 118.2 million Btu (vs U.S. value of 355.9 million Btu)
Per Capita Carbon Emissions (1999E): 1.6 metric tons of carbon (vs U.S. value of 5.6 metric tons of carbon)
Energy Intensity (1999E): 49,614 Btu/ $1990 (vs U.S. value of 12,638 Btu/ $1990)**
Carbon Intensity (1999E): 0.67 metric tons of carbon/thousand $1990 (vs U.S. value of 0.20 metric tons/thousand $1990)**
Sectoral Share of Energy Consumption (1997E): Industrial (60.8%), Transportation (20.2%), Commercial (9.9%), Residential (9.1%)
Sectoral Share of Carbon Emissions (1997E): Industrial (59.0%), Transportation (30.2%), Commercial (5.4%), Residential (5.4%)
Fuel Share of Energy Consumption (1999E): Natural Gas (46.4%), Oil (33.2%)
Fuel Share of Carbon Emissions (1999E): Natural Gas (55.6%), Oil (44.4%)
Renewable Energy Consumption (1997E): 613 trillion Btu* (6% increase from 1996)
Number of People per Motor Vehicle (1997): 11.4 (vs U.S. value of 1.3)
Status in Climate Change Negotiations: Non-Annex I country under the United Nations Framework Convention on Climate Change (ratified December 28th, 1994). Not a signatory to the Kyoto Protocol.
Major Environmental Issues: sewage pollution of Lago de Valencia; oil and urban pollution of Lago de Maracaíbo; deforestation; soil degradation; urban and industrial pollution, especially along the Caribbean coast
Major International Environmental Agreements: A party to Conventions on Biodiversity, Climate Change, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Nuclear Test Ban, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands and Whaling.  Has signed, but not ratified, Marine Dumping

* The total energy consumption statistic includes petroleum, dry natural gas, coal, net hydro, nuclear, geothermal, solar and wind electric power. The renewable energy consumption statistic is based on International Energy Agency (IEA) data and includes hydropower, solar, wind, tide, geothermal, solid biomass and animal products, biomass gas and liquids, industrial and municipal wastes. Sectoral shares of energy consumption and carbon emissions are also based on IEA data.
**GDP based on EIA International Energy Annual 1998

OIL AND GAS INDUSTRIES
Organization, Oil and Natural Gas: Petroleos de Venezuela, S.A. (PdVSA, state-held), with some foreign companies involved in joint ventures; Coal: Carbozulia, owned by PdVSA, with some foreign companies involved in joint ventures; Electricity: Several state-held and private utilities, with Edelca as the largest public utility and Elecar as the largest private utility
Major Foreign Oil Company Involvement: Arco, BP Amoco, Chevron, CNPC (China), Conoco, ExxonMobil, Occidental, Pennzoil, Phillips, Repsol-YPF, Shell, Statoil, Texaco, TotalFina, Union Texas, and Veba Oel
Major Domestic Refineries (crude capacity-bbl/d) (1/1/00), PdVSA: El Palito, Puerto Cabello (126,900), Puerto de la Cruz (195,000), San Roque, Anzoategui (5,200); Paraguana Refining Center: Cardon, Falcon (288,230), Judibana, Falcon (720,750), Maracaíbo, Zulia (10,800)
Major Oil Fields: Lagunillas, Bachaquero, El Furrial, Centro, Mulata, Lama
Oil Terminals: El Palito, Judibana (Amuay), La Salina, Maracaíbo, Puerto La Cruz, Puerto Miranda, Punta Cardon


Sources for this report include: CIA World Factbook 1998; Economist Intelligence Unit ViewsWire; Financial Times; Latin America Monitor; Oil and Gas Journal; Oil Daily; Petroleum Economist; International Market Insight Reports; McGraw-Hill Companies, Global Power Report; U.S. Energy Information Administration; WEFA Latin America Economic Outlook.

Links

For more information on Venezuela, see these other sources on the EIA web site:

International Petroleum Statistics Report - EIA's latest monthly international petroleum data
EIA - Country Information on Venezuela
EIA Privatization Report - Venezuela
EIA Privatization Report (oil) - Venezuela
EIA Privatization Report (coal) - Venezuela
EIA OPEC Fact Sheet

Links to other U.S. government sites:

U.S. Embassy in Caracas, Venezuela
CIA World Factbook - Venezuela
U.S. International Trade Administration, Country Commercial Guide - Executive Summary, Venezuela
U.S. Department of Energy's Office of Fossil Energy's International section - Venezuela
U.S. State Department's Consular Information Sheet - Venezuela
U.S. State Department Background Notes - Venezuela
Library of Congress Country Study on Venezuela (September 1987)
Information from the U.S. International Trade Administration
U.S. State Department 1999 Country Reports On Economic Policy and Trade Practices -- Venezuela
U.S. Department of Commerce -- U.S. Trade with Venezuela in 1998

The following links are provided solely as a service to our customers, and therefore should not be construed as advocating or reflecting any position of the Energy Information Administration (EIA) or the United States Government. In addition, EIA does not guarantee the content or accuracy of any information presented in linked sites.

PdVSA
Venezuela's Mining Industry
LatinWorld's section on Venezuela
Latin America Network Information Center (LANIC) - Venezuela
Petroleum Guide for Venezuela
Venezuela Oil and Energy
Inter-American Development Bank
World Bank - Venezuela
OPEC
Venezuelan Embassy in Washington, D.C.
Organization of American States (OAS)
Political Database of the Americas
The Latin American Integration Association (ALADI)
The Economic Commission for Latin America and the Caribbean (ECLAC)
The Regional Electric Integration Commission (CIER)
Latin American Gas online news
Petroleum World.com -- Venezuela Oil and Gas


SOURCE: eia.doe.gov

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