Oil Companies Venezuela
Chavez Oil
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Chavez OilChavez Oil - Site based on "Chavez Oil", i.e. the oil situation in Venezuela under Hugo Chavez's government. Information on the oil companies that got nationalized and which didn't and more. CITGO, Exxon Mobil, Hugo Chavez's history...

Chavez oil (Click to enlarge)
Chavez Oil


Oil Companies Venezuela gathers information about major oil and gas companies with operations in petroleum exporter country that has been affected by Hugo Chavez socialist politics.


Oil Companies Venezuela

Venezuela has the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere. In addition she has non-conventional oil deposits (extra-heavy crude oil, bitumen and tar sands) approximately equal to the world's reserves of conventional oil.

In the 1990s, Venezuela introduced a new oil policy known as "Apertura Petrolera", which opened its upstream oil sector to private investments. This facilitated the creation of 32 operating service agreements with 22 separate foreign oil companies, including international oil majors like Chevron, BP, Total SA, Exxon Mobil, ConocoPhillips Repsol YPF, Royal Dutch Shell and Statoil. The role of PDVSA in making national oil policy increased significantly. In 1999, Venezuela adopted the Gas Hydrocarbons Law, which opened all aspects of the sector to private investment. Wikipedia

Oil companies venezuela
Oil Companies Venezuela

This policy changed after Hugo Chávez took the presidential post in 1999. In recent years the Venezuelan government has reduced PDVSA's previous autonomy and amended the rules regulating the country's hydrocarbons sector. In 2001, Venezuela passed a new Hydrocarbons Law that superseded the previous 1943 Hydrocarbons Law and 1975 Nationalization Law. Then, in 2006, Oil and Energy Minister of Venezuela, Rafael Ramirez (also President of PDVSA) told oil companies to give the state a greater share of profits, or they must get out from Venezuela. President Chavez then said he wants a real nationalization of all the oil business as, according to him, petroleum in Venezuela is part of the country's sovereignty (as he plans to establish in a new constitutional reform, presented on August 15, 2007).



Exxon MobilExxon Mobil - Exxon Mobil corporation is a multi-national American oil company, a large publicly traded integrated petroleum and natural gas company in the world. Check information, including the pulled out from Venezuela.

Conoco PhillipsConoco Phillips - Conoco Phillips is an international energy corporation with its headquarters located in Houston, Texas. It was created through the merger of Conoco Inc. and the Phillips Petroleum Company on 2002.

Royal Dutch ShellRoyal Dutch Shell - Royal Dutch Shell PLC is a multinational oil company of British and Dutch origins. A large private sector energy corporations, is one of the called "supermajors".

BP OilBP Oil - BP Oil information. Formerly known as British Petroleum, BP is a British energy multinational oil company with headquarters in London. Also is one of the six "supermajors".

RepsolRepsol - Repsol YPF is an integrated Spanish and Argentinean oil and gas company with operations in 29 countries, the bulk of its assets are located in Latin America.

StatoilStatoil - Statoil ASA is a Norwegian integrated oil and gas company with substantial international activities. Established in 1972, It's a large petroleum company in the Nordic countries with presence in 9 countries.

ChevrontexacoChevrontexaco - Chevrontexaco is a large global energy company. Headquartered in California, USA and active in more than 180 countries, it is engaged in every aspect of the oil and gas industry.

PDVSAPDVSA - PDVSA is the stand for Petróleos de Venezuela S.A., a state-owned oil company that dominates the oil, gas and energy industry of Venezuela, and has been politized by President Chavez.

Total SATotal SA - Total SA is an oil company headquartered in Paris, France, and one of the six "Supermajor" oil companies in the world. Its businesses cover the entire oil and gas chain.

The most relevant links we could find, placed here free

Conoco Phillips Newsroom - Press note from ConocoPhillips regarding the end of operations in Venezuela. www.conocophillips.com

Find Article - A brief article about investments of Repsol YPF in Venezuela. www.findarticles.com

Bloomberg - Article about the Oil Companies Venezuela negotiations on Orinoco belt. www.bloomberg.com

Rigzone - Article about Chevron in Venezuela. www.rigzone.com

Wikipedia - Information about oil companies Venezuela and energy policies. en.wikipedia.org


Archived Links

IHS - Article about the oil companies that pulled out of Venezuela. A screenshot of the original text source has been stored on our site because the original link no longer exists. It is for information purposes only. Archived Link


The Venezuelan government signed new strategic associations in 2007, regarding oil business, with Conoco Phillips, Exxon Mobil and PetroCanada opting to end their operations in the country rather than play by the new rules. PetroCanada said it is still discussing terms of the transfer of assets to the Venezuelan government, But Conoco Phillips said they have preserved all legal rights including international arbitration.

Conoco Phillips and Exxon Mobil failed to reach an agreement on remaining in the country after Petroleos de Venezuela unilaterally took over at least 60 percent stakes in heavy-oil projects, where the state oil company previously held minority stakes. President Hugo Chavez is pushing for control of the country's key industrial assets. Bloomberg

Oil companies and venezuela chavez (Click to enlarge)
Oil Companies Venezuela and Chavez

Site structure created by Neil Villette Site written by Edoardo Salazar