Petróleos de Venezuela

Petróleos de Venezuela, S.A. (PDVSA, ) (Petroleum of Venezuela) is the Venezuelan state-owned petroleum company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.

Between 2004 and 2010 PDVSA contributed $61.4 billion to social development funds. Around half of this went directly to various Bolivarian Missions, with the remainder distributed via the National Development Fund.Venezuelanalysis.com, 5 August 2010,

Reserves and capacity

Venezuela has of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By also including an estimated of tar-like extra heavy crude oil in the Orinoco Belt region, Venezuela claims to hold the largest hydrocarbon reserves in the world. Venezuela also has 150 trillion cubic feet of natural gas reserves.

PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrel per day (600,000 m³). Officials say production is around although most secondary sources such as OPEC and the EIA put Venezuela's output at least lower.

History

PDVSA purchased 50% of...
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