Petroleos De Venezuela SA

Corporate

PDVSA was founded in 1975 in Venezuela. It is the state owned energy company of Venezuela that is mainly responsible for running the country’s hydro carbons business. PDVSA’s growth received a major boost when it completely acquired Citgo, the US based energy company in 1990.

PDVSA almost completely dominates the energy sector in Venezuela which potentially has the biggest hydrocarbons reserves in the world.

Following up on the Venezuelan government’s policy of nationalizing its energy sector assets, PDVSA acquired 82.14 % of the shares of Electricidad De Caracas from AES Corporation.
PDVSA is a Fortune 500 company.

Activities

As the biggest and most influential company in Venezuela, PDVSA is practically involved in all aspects of its business:

• Oil and Gas Exploration
• Oil and gas refining, marketing and distribution
• Oil export

The biggest hydrocarbons reserves in the world
According to figures released by PDVSA Venezuela has:

• 80 billion barrels of oil reserves, which are the largest in the western hemisphere accounting for half of the total reserves of this part of the world, giving Venezuela the 5th position globally in terms of proven reserves.
• In the Orinoco basin nearly 235 billion barrels of extra heavy crude oil has been found.
• Additionally Venezuela has 150 trillion cubic feet of natural gas.
• These discoveries give Venezuela the top position in the world with respect to hydrocarbon reserves.

Performance

Financial performance

• In fiscal 2006 PDVSA’s revenues were 85,618 million USD
• The total value of the assets held by PDVSA in fiscal 2006 was 67,887 million USD
• PDVSA’s net income in fiscal 2006 was 4,661 million USD

Production

According to OPEC (Organization of Petroleum Exporting Countries) and EIA (Energy Information Administration) of the Department of Energy, USA, Venezuela’s oil production is approximately 2.8 million barrels per day.

Strategic Distribution

In May 2005 PDVSA, acting on behalf of the government of Venezuela, supplied 50 million tones of refined oil to Argentina to help that country overcome an energy crisis. In November 2005, Citgo, the US subsidiary of PDVSA agreed to supply domestic fuel at 40 % less than market price to households in the lower income category, in the state of Massachusetts.

Organization

PDVSA is headed by Mr. R. R. Carreno who is the CEO of the company PDVSA employs over 48,000 people

PDVSA’s corporate office is located at:

Ave. Libertador,
La Campina,
Caracas 61373
58-212-708-4111
Website: www.pdvsa.com