Venezuela positioning itself to take key market role in wake of Gulf War

Journal Article · Mon Aug 19 00:00:00 EDT 1991 · Oil and Gas Journal; (United States)

OSTI ID:5793170

This paper reports on Venezuela which continues efforts to position itself in world markets to capitalize on fallout from the Persian Gulf war. The central government and state oil company Petroleos de Venezuela SA have accelerated already ambitious plans to expand activities in upstream and downstream oil and gas sectors. Pvdsa has sharply increased its 1991-96 investment program from the level planned at the end of last year. The goal is to put Venezuela on a par with major Persian Gulf oil exporters in terms of productive capacity. Linchpin of those efforts could well be further steps toward privatization of Venezuela's oil sector. For the first time since nationalization in 1976, private foreign and domestic companies are being permitted to participate in Venezuelan exploration and development. In addition, the government is trimming the onerous tax burden the oil sector has carried in Venezuela, as well as its heavy subsidy of domestic petroleum products.

• OSTI ID: 5793170
• Journal Information: Oil and Gas Journal; (United States), Vol. 89:33; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING
POLICY AND ECONOMY
PETROLEUM INDUSTRY
MARKET
VENEZUELA
EXPLORATORY WELLS
GOVERNMENT POLICIES
INVESTMENT
OIL FIELDS
PLANNING
DEVELOPING COUNTRIES
GEOLOGIC DEPOSITS
INDUSTRY
LATIN AMERICA
MINERAL RESOURCES
PETROLEUM DEPOSITS
RESOURCES
SOUTH AMERICA
WELLS
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
020200 - Petroleum- Reserves
Geology
& Exploration