Venezuelan oil industry performance reviewed

Journal Article · Sat Mar 01 04:00:00 EST 1980 · Carib-Latin Energy Consultants Ltd.; ()

OSTI ID:5356003

Production of oil in Venezuela during 1979 rose 8.8% to an average of 2,356,000 bpd, while production capacity fell slightly. Crude exports went up 11.4% to 1,385,000 bpd, of which heavy oil accounted for 36.7%. Exploration has added 1.3 billion bbl of new oil reserves, now totaling 18,712 million bbl. In 1979, 136 wells were completed. For 1980, Venezuela will cut crude production by 16% in view of declining demand, but still stands to earn approximately $3 billion in oil revenues during 1980 as a result of recent world market rises in the price of crude oil.

• OSTI ID: 5356003
• Journal Information: Carib-Latin Energy Consultants Ltd.; (), Journal Name: Carib-Latin Energy Consultants Ltd.; () Vol. 4:3
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
292000 -- Energy Planning & Policy-- Supply
Demand & Forecasting
294002 -- Energy Planning & Policy-- Petroleum
DEVELOPING COUNTRIES
ENERGY POLICY
ENERGY SOURCES
EXPLORATION
EXPORTS
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
LATIN AMERICA
MINERAL RESOURCES
OIL WELLS
PETROLEUM
PETROLEUM DEPOSITS
PRODUCTION
PROFITS
RESERVES
RESOURCES
SOUTH AMERICA
VENEZUELA
VISCOSITY
WELL COMPLETION
WELLS