GAO; Venezuelan reforms do little to spark oil investiment by U. S. firms

Journal Article · Mon Feb 03 04:00:00 EST 1992 · Oil and Gas Journal; (United States)

OSTI ID:5650950

This paper reports that Venezuela's 1991 foreign investment reforms did little to encourage U.S. oil companies to invest there despite the overall investment attractiveness of the country's oil sector, says the U.S. General Accounting Office. In a report to Congress, GAO noted Venezuela's oil production peaked in 1970, declined through 1985, and since then has increased by about 21% through 1990. The primary factors affecting continued increases in production through 1996 include Petroleos de Venezuela SA's ability to encourage investment capital, the cost of producing and refining heavy and extra heavy crude oil., and the level of production quotas imposed by the Organization of Petroleum Exporting Countries, of which Venezuela is a member. GAO noted Venezuela implemented policy reforms in 1991 to encourage some foreign and private investment petroleum related ventures. However, these reforms have not yet succeeded in attracting U.S. investment in oil exploration, production, or refining in Venezuela.

• OSTI ID: 5650950
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:5; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
COST
DEVELOPED COUNTRIES
DEVELOPING COUNTRIES
ENERGY SOURCES
EXPORTS
FOREIGN POLICY
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INDUSTRIAL PLANTS
INDUSTRY
INVESTMENT
LATIN AMERICA
NATIONAL ORGANIZATIONS
NORTH AMERICA
PETROLEUM
PETROLEUM INDUSTRY
PETROLEUM REFINERIES
SOUTH AMERICA
TRADE
US GAO
US ORGANIZATIONS
USA
VENEZUELA