Gas in Venezuela

Gas Production29.2Mtoe per year

Amount in place6.42thousand Mtoe

Gas Recoverable Reserves5.06thousand Mtoe

Venezuela has established themselves as an important natural gas nation mainly due to their massive total of proved natural gas reserves. Venezuela had 5,617 bcm of proved natural gas reserves as of 2014, which gave them the eighth largest total of proved natural gas reserves in the world. Additionally, they hold the second largest total of proved natural gas reserves in the Western Hemisphere behind only the US.

Venezuela’s significant level of proved reserves has not resulted in major natural gas production as of yet. Throughout the years, Venezuela has focused significantly more attention on domestic oil production as opposed to natural gas production. Additionally, the natural gas that is present in Venezuela is heavily linked with oil. This is evidenced by the fact that approximately 90% of the country’s natural gas reserves are associated with oil. Even given their large reserve base, Venezuela only produced 21.9 bcm of natural gas in 2014.

Venezuela is also not a major consumer of natural gas relative to their large natural gas reserve base. Furthermore, their natural gas consumption has begun to slightly slip in recent years. In 2014, Venezuela’s natural gas consumption was 29.8 bcm, which represented a 4% decline from the previous year and marked the second consecutive year of falling natural gas consumption.

Natural gas’s share of the country’s primary energy mix is not the largest, however it still plays an important role. Natural gas is responsible for 31.8% of Venezuela’s primary energy consumption. It is estimated that natural gas is responsible for approximately half of the country’s electricity generation from fossil fuels. Furthermore, the petroleum industry in Venezuela consumed approximately 35% of the country’s gross natural gas production, of which a significant portion was reinjected in efforts to aid oil production.

Venezuela has a massive natural gas pipeline network and has also made efforts to improve the network in recent years. Venezuela has approximately 2,750 miles of natural gas pipelines, which assist in the country’s ability to easily transport natural gas domestically. Historically, Venezuela has imported natural gas through pipeline trade with Colombia in order to fulfil the gap between their production and consumption. This natural gas importation was made possible due to the country’s established natural gas pipeline network.

Note

Gas data represents natural gas only, for unconventional gas please refer country notes within the WER 2013 report gas chapter.