UK Trade & Investment – Venezuela

Gabriel Daza, Trade & Investment Officer

Gabriel Daza

Gabriel Daza has worked at UK Trade & Investment since August. Prior to joining UKTI, Gabriel worked in (CVP) Corporación Venezolana del Petróleo, PDVSA’s subsidiary responsible for carrying out businesses with third parties mainly with international oil companies. Gabriel also worked in the New Business and Development Department as a petroleum economic analyst coordinating and evaluating economically vertically integrated businesses of production, upgrading and refining of extra heavy crude oil as well as light, medium and heavy crude oil businesses under the figure of joint ventures.

Venezuela has the world’s largest proven reserves of crude oil and has investment plans to develop its strategic oil and gas reserves and infrastructure by 2021 totalling more than
US$200 billion. Petróleos de Venezuela S.A. (PDVSA), the country’s state-run
oil and natural gas company dominates the market. There are a wide range of oil
and gas opportunities through PDVSA and a growing number of linked
infrastructure projects.

Venezuela Oil & Gas Facts
1. First in oil proven reserves Billion Barrels 297.57
2. Third in crude oil production (1,000 b/d) 2,881
3. Fifth in refining capacity (1,000 b/d) 2,82
4. Sixth in gas proven reserves TCF 195
5. Tenth in sales Billion US$ 124.7

Venezuela’s National Oil Company PDVSA takes on every project in the country working alongside National and International Oil Companies. Opportunities range from joint ventures to
providing high quality services for the entire Industry. Some of the biggest partners in Venezuela are CNPC, Chevron, Statoil, Total, Shell and the Russian Consortium. Service companies like Schlumberger, Halliburton, and Weatherford have been present for many years, and national and local EPC’s and service companies have an internationally recognized reputation for quality.

Business Opportunities and major projects

PDVSA’s Investment Plan
The Industry is growing rapidly. In 2011 PDVSA invested $17,534 Million. By the end of 2012, the figure reached $16,009 Million. Plans for 2013 will see investment increase by over 50% reaching the sum of $25,000 Million in production activities.

Deep Conversion Project
A $5.2 billion programme which will enable the existing refinery in the city of Puerto La Cruz to accept the heavier grades of crude oil produced in the country’s oil rich “Orinoco Belt”.

Orinoco Oil Belt
The Orinoco Oil Belt holds the biggest extra heavy oil reserves in the world. With an area of 55,000 square meters, it has reserves of 1.3 trillion BLS. New oilfield developments and upgrading facilities to be built. A wide range of infrastructure projects are also underway.

Santa Inés Refinery Project
A new refinery will be constructed in the state of Barinas with a capacity of 100 thousand barrels per day. It will produce gasoline, diesel and fuel oil with an investment of $2,973 million.

El Palito Refinery
This project will increase the refining capacity from 140,000 barrels to 280,000 barrels per day with medium conversion technology and an estimated investment of about $3,000 million.

Cabruta Refinery Project
This new refinery will be located in the Orinoco Oil Belt and will process 220,000 barrels per day of extra heavy crude oil, the investment plan for this refinery complex is around $6,000 million.


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