Venezuela Oil and Gas Report - Business Monitor International - Industry Reports

Venezuela Oil and Gas Report

Venezuela Oil and Gas Report - Business Monitor International - Industry Reports
Venezuela Oil and Gas Report
Published Aug 30, 2016
118 pages — Published Aug 30, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

According to the Energy Information Administration (EIA), Venezuela s proven oil reserves were upgraded ---.- in ---- to ---.-bn barrels (bbl) and increased by an additional --.- in ---- to ---.-bn bbl due to the certification of vast heavy crude deposits in the Orinoco River Basin. A report by the US Geological Survey, released in January ----, claimed Venezuela s Orinoco oil belt could hold a mean volume of ---bn barrels (bbl) of technically recoverable oil based on a mean recovery factor of -- and a median level of oil initially in place of -,---bn bbl. ...According to the Energy Information Administration (EIA), Venezuela s proven oil reserves were upgraded ---.- in ---- to ---.-bn barrels (bbl) and increased by an additional --.- in ---- to ---.-bn bbl due to the certification of vast heavy crude deposits in the Orinoco River Basin. A report by the US Geological Survey, released in January ----, claimed Venezuela s Orinoco oil belt could hold a mean volume of ---bn barrels (bbl) of technically recoverable oil based on a mean recovery factor of -- and a median level of oil initially in place of -,---bn bbl. While the country s vast crude potential lends itself to a more bullish proven reserve forecast, we believe reserves will experience limited growth through ---- due to national oil company (NOC) PdVSA s continued operational setbacks. ...Four exploratory wells in Anzoategui state contributed --mn bbl of -- API degree oil and --.-bcm of non-associated gas.

...We maintain our downbeat crude production forecast for ---- this quarter to a contraction of -.- y-o- y amid sustained weakness in crude oil markets. This will negatively impact available investment in Venezuela s upstream sector as the government contends with its sizeable public sector spending plans. ...President Nicolas Maduro announced an increase in the country s subsidised fuel prices for the first time in two decades on February --, with prices taking effect on the --th. Heavily discounted fuel has long been a key tenant of the ruling Partido Socialista Unido de Venezuela (PSUV) party, many of whose members believe near free fuel to be an innate right of the Venezuelan people. This historic reform underscores the extent to which government debt has become unsustainable under the existing fiscal regime as oil prices remain at historic lows. ...The power crisis of H--- exacerbated this trend will undermine downstream operations, weighing on domestic supplies of refined fuels. With the effects of El Nino expected to subside in the coming months,

...� Business Monitor International Ltd Page - we believe the government will opt for a more short-term solution rather than address the underlying inefficiencies within the sector. Exports of crude and refined products will decline as upstream activity wanes. ...

  
Source:
Document ID
1748-4367
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Venezuela Oil and Gas Report" Aug 30, 2016. Alacra Store. Dec 05, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Venezuela-Oil-and-Gas-Report-2026-399>
  
APA:
Business Monitor International - Industry Reports. (2016). Venezuela Oil and Gas Report Aug 30, 2016. New York, NY: Alacra Store. Retrieved Dec 05, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Venezuela-Oil-and-Gas-Report-2026-399>
  
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