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History of Oil
Top 10 US Oil Giants
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Other World Oil Giants
Petróleos de Venezuela, S.A. (PDVSA) is the Venezuelan state-owned petroleum company. It has activities in exploration, production, refining and exporting oil, as well as exploration and production of natural gas. PDVSA dominates the oil industry of Venezuela, the world's fifth largest oil exporter.
PDVSA purchased 50% of the United States gasoline brand Citgo from Southland Corporation in 1986 and the remainder in 1990.
Venezuela has 77.5 billion barrels (12,320,000,000 m³) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total. This puts Venezuela as fifth in the world in proven reserves of conventional oil. By also including an estimated 235 billion barrels (37,400,000,000 m³) of tar-like extra heavy crude oil in the Orinoco Belt region, Venezuela claims to hold the largest hydrocarbon reserves in the world. Venezuela also has 150 trillion cubic feet of natural gas reserves.
PDVSA has a production capacity, including the strategic associations and operating agreements, of 4 million barrels per day (600,000 m³). Officials say production is around 3.3 million barrels per day (520,000 m³/d) although most secondary sources such as OPEC and the EIA put Venezuela's output at least 500,000 barrels per day (79,000 m³/d) lower.
Type State-owned enterprise (Public)
Headquarters HQ in Caracas, Venezuela
Key people Rafael Ramírez, President
Industry Oil and Gas
Revenue $ 109.342 billion (2006)
? Bs. 235.085 trillion (2006)
Subsidiaries PDV Marina,CVP,Pequiven,CIED,PDVSA Gas,PDV (Deltaven)
Palmaven,Electricidad de Caracas, C.A.,Citgo (82.14%)
Website www.pdvsa.com (Spanish)