Publications

Survey of Energy Resources 2007

Crude Oil and Natural Gas Liquids Country Notes

The oil resource base is truly massive, and proved recoverable reserves are easily the largest of any country in the Western Hemisphere. Starting in 1910, hydrocarbons exploration established the existence of four petroliferous basins: Maracaibo (in and around the lake), Apure to the south of the lake, Falcón to the north-east and Oriental in eastern Venezuela. The republic has been a global-scale oil producer and exporter ever since the 1920s, and was a founder member of OPEC in 1960.

The level adopted for end-2005 proved recoverable reserves of crude oil and natural gas liquids is 80 012 million barrels, as given by OPEC in its Annual Statistical Bulletin 2005 (published 2006). Oil & Gas Journal, OAPEC and BP all quote figures in the region of 79 700; OGJ has moved up to the OPEC level of 80 012 for its end-2006 assessment. The only exception to the general consensus is World Oil, which quotes 52 650 million barrels, a figure that would exclude NGLs and probably extra-heavy oil.

According to Petróleo y Otros Datos Estadísticos 2004, published in October 2006 by the Ministerio de Energía y Petróleo about 58% of national oil output in 2004 came from the Oriental Basin, 39% from the Maracaibo, 3% from the Apure and a minimal proportion from the Falcón Basin. Of total crude oil output of 3 143 000 b/d in 2004 (including condensate and bitumen for Orimulsion® (registered trade mark belonging to Bitúmenes Orinoco S.A.)), 1 774 000 b/d (56.4%) was exported, the bulk of which being consigned to North and South America: the United States took nearly 57% of Venezuela's crude exports.