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.
Trinidad ConocoPhillips ruling may not affect Venezuela natural gas projects
A court in Trinidad and Tobago approved sending PDVSA payments from the island nation to ConocoPhillips, to cover the $1.33bn claim against the Venezuelan state-owned oil company.
Colombia’s Ecopetrol to import Venezuelan gas from 2025
Speaking at the Andesco business association conference, Ecopetrol CEO Ricardo Roa presented a 10-year plan to ensure a stable natural gas supply for Colombia, which includes imports from Venezuela from 2025.
BP and Trinidad receive OFAC license for new Venezuela project
Trinidad and Tobago received a “specific license” from the US Treasury’s OFAC to develop a new gas project in Cocuina-Manakin field. The offshore reservoir is shared between the island nation and Venezuela and involves BP and Trinidad’s National Gas Company.
BP Seeking Natural Gas Opportunities In Trinidad-Venezuela Waters
BP president for Trinidad and Tobago, Sir David Campbell met with Trinidadian energy minister Stuart Young and Venezuelan oil minister Rafael Tellechea.