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Venezuela: Political and Economic Update

Venezuela: Political and Economic Update. University of Miami Center for Hemispheric Policy October 30, 2007 Coral Gables, FL. Venezuela: Political and Economic Update. …first some definitions: Monetization Conventional Oil Unconventional Oil. Venezuela: Political and Economic Update.

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Venezuela: Political and Economic Update

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  1. Venezuela: Politicaland Economic Update University of Miami Center for Hemispheric Policy October 30, 2007 Coral Gables, FL

  2. Venezuela: Politicaland Economic Update …first some definitions: Monetization Conventional Oil Unconventional Oil

  3. Venezuela: Politicaland Economic Update World Largest Oil Reserves Venezuela 79 / 250 / 329 Saudi Arabia 264 / 0 / 264 Canada 16 / 163 / 179 Iran 137 / 0 / 137 Iraq 115 / 0 / 115 Kuwait 101 / 0 / 101 UAE 98 / 0 / 98 EIA 2006, Billion Barrels, Conventional Proven/ Unconventional Undiscovered/Total Reserves

  4. Venezuela: Politicaland Economic Update Venezuela’s Crude Oil Production ≈ 3 million barrels per day PDVSA’s 2012 Crude Oil Production Target 5.8 million barrels per day EIA/PDVSA 2006

  5. Venezuela: Politicaland Economic Update Oil Patch Enablers Geology Capital Technology Know-How Stewardship

  6. Venezuela: Politicaland Economic Update Venezuela’s Crude Oil Average Price • $24.82 • $32.88 • $46.15 • $56.45 2007 $60.66 10/19 YTD PDVSA

  7. Venezuela: Politicaland Economic Update PDVSA 2006 Income Statement Revenues: $99 Billion Royalties: ($18) Social Programs: ($14) Corp. Taxes: ($ 4) Net Income: $5.5 Billion PDVSA 2006

  8. Venezuela: Politicaland Economic Update

  9. Venezuela: Politicaland Economic Update PDVSA’s 2012 Opportunity Costs Crude Oil, Domestic Price Subsidies, Natural Gas, Petrochemicals $64 billion in Revenues At Current Prices 2012 Est. Low Case at $60/bll Ven Basket

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