Orinoco Energy
Venezuela is best known for having the largest proven oil reserves: 303 billion barrels of crude, which is 17.5% of the world's total.
264.4 billion barrels of mostly heavy crude are found in the Orinoco Oil Belt. Heavy crude is expected to remain relevant in an energy transition, since it is suitable for asphalt, petrochemicals and other products besides fuels.
Venezuela also has natural gas reserves of 223.8 trillion cubic feet. These represent 3.2% of the world's total and 77% of Latin America. Most production is associated with oil extraction. Unlike oil, this sector is almost untapped and does not require state participation.
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Crude oil reserves
DATA
All the metrics you need to know, in one place.
Export data
Here we present data relevant to exports, including prices and volumes.
Merey discount
Oil exports
Oil production
Crude oil production data from the monthly OPEC report.
"Secondary sources"
"Direct communication"
GEOGRAPHY
A bird’s eye view on the oil and gas sector.
Oil
Crude oil reserves
Share of output
Natural gas
News and insights
Our latest updates and reports about Venezuela’s oil and gas industry.
Mapping Venezuela’s Oil Industry
At Orinoco Research, we start to evaluate the following fields: Boscan, Tomoporo, Furrial, and Bolivar Coastal, as well as the Orinoco Oil Belt and the Paraguana Refining Complex.
What is Venezuela’s short-term oil production capacity?
Report with exclusive insights from industry experts on the ground.