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 Chavez 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...
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Venezuela Oil - Minister Ramirez
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About the oil negotiations Orinoco petroleum belt, where Venezuela has huge crude oil reserves and President Chavez decide to take total control over them.
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Oil Negotiations Orinoco
The Orinoco Belt is a territory which occupies the southern strip of the eastern Orinoco River Basin in Venezuela. Its
local Spanish name is Faja Petrolífera del Orinoco (Orinoco Petroleum Belt). The Orinoco Belt is located south
of the Guárico, Anzoátegui, Monagas, and Delta Amacuro states, and it follows the line of the river. It is approximately
600 km from east to west, and 70 km from north to south, with an area about 55314 km². Petróleos de
Venezuela S.A. has estimated that the Orinoco Belt has 236 billion barrels of heavy crude, which would make it the
largest petroleum reserve in the world, before Saudi Arabia. Estimates goes as far as 300 billion barrels, while
Venezuela's current exploitable reserves are of 80 billion barrels. Wikipedia
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Orinoco river
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In the mid-1990s, President Rafael Caldera's government, eager to develop oil that had first been discovered here in the
1930s, opened the region to foreign investment because PDVSA had neither the capital nor the technology to develop the
Orinoco's semi-solid sludge reserves. International Herald Tribune
With the raised of Hugo Chavez to power these oil negotiations orinoco changed completely. After a series of political
and social changes, new laws and decrees, in 2006 Oil and Energy Minister of Venezuela, Rafael Ramirez
(also President of PDVSA) told foreign oil companies, operating under the 1990's oil negotiations Orinoco Belt
agreements, they must give to the state a greater share of profits as, all exploration and production projects that
were operated by privately owned companies under service agreements must be migrated into incorporated joint
ventures (IJV).
"Our Full Sovereignty over Oil policy encompasses both the regulation of the extraction of oil in its capacity as a
natural non-renewable and depletable resource, as well as the regulation of the industrial activities ancillary to this
extraction. This policy does not exclude per se, as I hope my exposition will have made clear, the presence of foreign
capital. However, for such a presence to be possible, foreign capital has to respect our sovereign rights."
Minister Ramirez
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Orinoco
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The most relevant links we could find, placed here free |
 Bloomberg
- Article about the oil negotiations Orinoco belt, Venezuela between PDVSA and majors oil companies in the World. www.bloomberg.com
PDVSA
- Official site of Petroleos de Venezuela SA. History, latest news about oil negotiation orinoco and information about the Oil Sowing Plan. www.pdvsa.pdv.com
Wikipedia: Venezuela Energy Policy
- Information about Venezuela oil companies and energy policies. en.wikipedia.org
Wikipedia: Orinoco Belt
- Information about the Orinoco Petroleum Belt and the oil negotiations Orinoco. en.wikipedia.org
IHT
- International Herald Tribune. "Orinoco Belt in Venezuela holds the promise of great oil riches" an article by Juan Forero about oil negotiations Orinoco Belt in Venezuela. www.iht.com
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Orinoco - Oil Reserves
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President Chavez in 2007 announced the new nationalization of the oil industry. In these new oil negotiations Orinoco, the
foreign oil companies were forced to sign agreements giving majority control of hydrocarbons projects to
PDVSA. In April, Chavez took majority control of 32 mostly marginal fields across Venezuela that
had been managed by foreign oil companies. Then on May 16, the National Assembly raised royalties on the four heavy
crude projects of the Orinoco to 33.3% from 16.6% and is planning on increasing taxes to 50% from
34%.
The new Venezuelan government oil negotiations Orinoco caused foreign oil companies Conoco Phillips, Exxon Mobil and
PetroCanada opted to end their operations in the country rather than play by the new rules, while BP, Statoil,
Respsol YPF, and Total SA, are continuing to operate, now under the new Chavez oil negotiations Orinoco.
Venezuela power policy guidelines until the year 2030 are drawn up in the Oil Sowing Plan
("Plan Siembra Petrolera"), which includes six development projects and consists of two stages: one to be
executed in the period 2005-2012, and another, to be developed in the second stage, 2012 and 2030.
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Oil Negotiations Orinoco
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Oil Sowing Plan 2005-2012 includes six fundamental axes:
- Magna Reserve: Destined toward the Quantifying and certifying of oil reserves in the Orinoco Oil Belt.
- Orinoco Project: In charge of developing the Orinoco Belt. Twenty-seven blocks have been selected for
development under this project with the cooperation of selected companies.
- Delta-Caribbean Project: to incorporate gas to the country energy supply.
- Refinement: To increase refinement capacity in Venezuela is one of PDVSA's strategic goals. That would be the
development of three new refineries.
- Infrastructure: More filling centers and pipelines will be set up to guarantee fuel supplies to the whole nation.
- Integration: Oil is the resource that will integrate all the peoples of Latin America and the Caribbean.
PDVSA: Oil Sowing Plan
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