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.
Venezuela’s Nicolas Maduro and Delcy Rodriguez meet Repsol, fears that oil output may stagnate
On 23 September, Venezuela’s President Nicolas Maduro and Vice President Delcy Rodriguez held a meeting with Repsol executives, with the backdrop of tense relations between Madrid and Caracas.
Venezuela oil output continues to grow in June
Venezuela’s crude oil production continued to increase in June, according to the latest OPEC report released on Wednesday. Output has been on a trend of slow yet sustained growth for two years.
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.
Venezuela-US oil trade continues to grow
The US Energy Information Administration shows that Venezuelan oil exports have increased this year, reaching 180,000 barrels per day in March. That month, the South American country rose to become the sixth source of crude imports in the US, and seventh for all oil products.
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.
What is happening with Venezuela’s oil licenses?
In an interview with Efecto Cocuyo, Francisco Palmieri said that 20 to 50 oil and gas companies have submitted bids for a specific license to operate in Venezuela.
The OFAC’s new licenses regime for Venezuela
On May 6th, the OFAC approved Maurel et Prom’s specific license in relation to its Petroregional del Lago joint venture, in Lake Maracaibo. The Paris-based company submitted its bid back on September 1st, 2023 before General License 44 was introduced.
OFAC announces GL44A and specific licenses
The OFAC will replace General License 44 with GL 44A, which will last until 31 May this year. GL44 allowed for the purchase of Venezuelan oil and gas.
Sanctions Uncertainty Limiting Venezuelan Crude Exports To U.S.
The threat of renewed sanctions and unclear guidance from the White House would be limiting flows of Venezuelan oil into the U.S. market, according to traders.
Sanctions Again? U.S. Set To Revoke Venezuela Oil License
The OFAC reimposed sanctions on the gold sector, and is threatening to do the same with oil and gas in April, unless U.S. government demands are met.