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Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020

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Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020

Summary

This profile is the essential source for top-level energy industry data and information. The report provides an overview of the oil industry in Venezuela. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for the industry. It also provides information relating to the oil assets (oil fields, refineries, pipelines and storage terminals) in Venezuela. The report also analyses the fiscal regime relevant to the oil assets in Venezuela and compares the investment environment in Venezuela with other countries in the region. The profiles of the major companies operating in the oil sector in Venezuela together with the latest news and deals are also included in the report.

Scope

- Historic and forecast data relating to exploration and production (E&P) production, consumption, imports, exports and reserves are provided for the oil industry for the period 1995-2020.

- Historical and forecast data and information for all the major oil fields, refineries, pipelines and storage terminals in Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020 Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020 for the period 1995-2020.

- Operator and equity details for major oil assets in Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020.

- Key information relating to market regulations, key energy assets and the key companies operating in the Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020's oil industry.

- Detailed information on key fiscal terms (such as rents, bonuses, royalty, cost recovery, profit oil, petroleum and corporate taxes) pertaining the geography is also provided. A sample calculation detailing how fiscal terms apply to a typical asset in the regime is included.

- Information on the top companies in the Venezuela Oil Markets Investment Opportunities, Market Analysis and Forecasts to 2020 including business description, strategic analysis, and financial information. Key companies include Petroleos de Venezuela, Chevron Corporation and Conoco Philips.

- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.

- Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.

Reasons to buy

- Gain a strong understanding of the country's energy market.

- Facilitate market analysis and forecasting of future industry trends.

- Evaluate the attractiveness of the geography for oil investment in the light of government policies and the fiscal environment.

- Facilitate decision making on the basis of strong historic and forecast production, reserves and capacity data.

- Understand the geography's policies and fiscal terms, and their impact on contractor's profits from upstream oil assets.

- Assess your competitor's major crude oil assets and their performance.

- Analyze the latest news and financial deals in the oil sector of each country.

- Develop strategies based on the latest operational, financial, and regulatory events.

- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.

- Identify and analyze the strengths and weaknesses of the leading companies in the country.

1 Table of Contents 2

1.1 List of Tables 8

1.2 List of Figures 10

2 Venezuela Energy Sector 11

2.1 Venezuela Energy Sector, Market Overview 11

2.2 Venezuela Energy Sector, Crude Oil 12

2.2.1 Venezuela Crude Oil, Overview 12

2.2.2 Venezuela Crude Oil, Supply and Demand Balance 12

2.2.3 Venezuela Crude Oil, Regulatory Structure 18

2.2.4 Venezuela Crude Oil, Infrastructure 19

3 Venezuela Petroleum Fiscal Regime 20

3.1 Venezuela Petroleum Fiscal Environment 20

3.2 License Terms 21

3.3 Key Fiscal Terms 21

3.4 Sample Cashflows Calculations 23

4 Venezuela Oil Upstream Investment Environment Benchmarking 24

4.1 Introduction 24

4.2 The Overall Ranking 24

4.3 Upstream Fiscal Attractiveness 25

4.3.1 Maximum Government Take Index 26

4.3.2 Maximum State Participation Index 26

4.3.3 Domestic Market Obligation Index 26

4.4 Oil Sector Performance 27

4.4.1 Exploration Activity 29

4.4.2 Oil Production 30

4.4.3 Oil Reserves 30

4.4.4 Oil Consumption 31

4.4.5 Refining Industry 31

4.5 Economic Performance 31

4.5.1 GDP Growth Index 33

4.5.2 FDI Confidence Index 33

4.5.3 Balance of Trade Index 34

4.6 Socio-Political Performance 34

4.6.1 Democracy Index 36

4.6.2 Governance Index 36

5 Venezuela Exploration and Production Sector 37

5.1 Venezuela Exploration and Production Sector, Country Snapshot 37

5.1.1 Venezuela Exploration and Production Sector, Key Data 37

5.1.2 Venezuela Exploration and Production Sector, Crude Oil Assets Map 37

5.2 Venezuela Exploration and Production Sector, Gross Crude Oil Production 38

5.2.1 Venezuela Exploration and Production Sector, Gross Crude Oil-Historical Production 38

5.2.2 Venezuela Exploration and Production Sector, Gross Crude Oil Production by Assets 39

5.2.3 Venezuela Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 41

5.2.4 Venezuela Exploration And Production Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 42

5.3 Venezuela Exploration and Production Sector, Gross Crude Oil Forecasts 44

5.3.1 Venezuela Exploration and Production Sector, Gross Crude Oil Forecasted Production 44

5.4 Venezuela Exploration And Production Sector, Crude Oil Asset Details 46

5.4.1 Venezuela Exploration And Production Sector, Active Crude Oil Asset Details 46

5.4.2 Venezuela Exploration And Production Sector, Planned Crude Oil Asset Details 48

6 Venezuela Pipeline Sector 49

6.1 Venezuela Pipeline Sector, Key Data 49

6.2 Venezuela Pipeline Sector, An Overview 49

6.3 Venezuela Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 49

6.4 Venezuela Pipeline Sector, Comparison Key Petroleum Product Pipeline Companies 50

6.5 Venezuela Pipeline Sector, Crude Oil Pipelines 51

6.6 Venezuela Pipeline Sector, Petroleum Product Pipelines 53

7 Venezuela Refining Sector 54

7.1 Venezuela Refining Sector, Key Data 54

7.2 Venezuela Refining Sector, An Overview 54

7.3 Venezuela Refining Sector, Total Refining Capacity 54

7.4 Venezuela Refining Sector, Capacity - Wise Market Share by Company 55

7.5 Venezuela Refining Sector, Crude Distillation Unit Capacity 56

7.6 Venezuela Refining Sector, Coking Capacity 56

7.7 Venezuela Refining Sector, Fluid Catalytic Cracking Capacity 57

8 Venezuela Oil and Chemicals Storage Sector 58

8.1 Venezuela Oil and Chemicals Storage Sector, Key Data 58

8.2 Venezuela Oil and Chemicals Storage Sector, An Overview 58

8.2.1 Venezuela Oil and Chemicals Storage Sector, Total Storage Capacity 58

8.3 Venezuela Oil and Chemicals Storage Sector, Capacity - Wise Market Share by Company 59

8.4 Venezuela, Oil and Chemicals Storage Sector, Storage Capacity 60

9 Profile of Petroleos de Venezuela S.A. 61

9.1 Petroleos de Venezuela S.A., Key Information 61

9.2 Petroleos de Venezuela S.A., Company Overview 61

9.3 Petroleos de Venezuela S.A., Business Description 61

9.3.1 Petroleos de Venezuela S.A., Business Description, Business Overview 61

9.4 Petroleos de Venezuela S.A., SWOT Analysis 63

9.4.1 Petroleos de Venezuela S.A., SWOT Analysis, Overview 63

9.4.2 Petroleos de Venezuela S.A., SWOT Analysis, Strengths 63

9.4.3 Petroleos de Venezuela S.A., SWOT Analysis, Weaknesses 65

9.4.4 Petroleos de Venezuela S.A., SWOT Analysis, Opportunities 65

9.4.5 Petroleos de Venezuela S.A., SWOT Analysis, Threats 66

9.5 Petroleos de Venezuela S.A., Revenue Analysis 67

9.5.1 Petroleos de Venezuela S.A., Revenue by Segment 68

9.5.2 Petroleos de Venezuela S.A., Revenue by Geography 68

10 Profile of Chevron Corporation 69

10.1 Chevron Corporation, Key Information 69

10.2 Chevron Corporation, Company Overview 69

10.3 Chevron Corporation, Business Description 69

10.3.1 Chevron Corporation, Business Description, Business Overview 69

10.3.2 Chevron Corporation, Business Description, Chemicals 70

10.3.3 Chevron Corporation, Business Description, Downstream 70

10.3.4 Chevron Corporation, Business Description, Others 72

10.3.5 Chevron Corporation, Business Description, Upstream Segment 73

10.4 Chevron Corporation, SWOT Analysis 75

10.4.1 Chevron Corporation, SWOT Analysis, Overview 75

10.4.2 Chevron Corporation, SWOT Analysis, Strengths 76

10.4.3 Chevron Corporation, SWOT Analysis, Weaknesses 77

10.4.4 Chevron Corporation, SWOT Analysis, Opportunities 78

10.4.5 Chevron Corporation, SWOT Analysis, Threats 79

10.5 Chevron Corporation, Revenue Analysis 80

10.5.1 Chevron Corporation, Revenue by Segment 80

10.5.2 Chevron Corporation, Revenue by Geography 81

10.6 Chevron Corporation, Financial and Operational Review 82

10.6.1 Financial Statements 82

10.6.2 Financial Ratios 83

11 Profile of ConocoPhillips 84

11.1 ConocoPhillips, Key Information 84

11.2 ConocoPhillips, Company Overview 84

11.3 ConocoPhillips, Business Description 84

11.3.1 ConocoPhillips, Business Description, Business Overview 84

11.3.2 ConocoPhillips, Business Description, Chemicals Segment 85

11.3.3 ConocoPhillips, Business Description, Emerging Businesses Segment 85

11.3.4 ConocoPhillips, Business Description, Exploration and Production Segment 87

11.3.5 ConocoPhillips, Business Description, LUKOIL Investment 88

11.3.6 ConocoPhillips, Business Description, Midstream Segment 88

11.3.7 ConocoPhillips, Business Description, Refining, Marketing and Transportation 89

11.4 ConocoPhillips, SWOT Analysis 90

11.4.1 ConocoPhillips, SWOT Analysis, Overview 90

11.4.2 ConocoPhillips, SWOT Analysis, Strengths 91

11.4.3 ConocoPhillips, SWOT Analysis, Weaknesses 92

11.4.4 ConocoPhillips, SWOT Analysis, Opportunities 92

11.4.5 ConocoPhillips, SWOT Analysis, Threats 93

11.5 ConocoPhillips, Revenue Analysis 94

11.5.1 ConocoPhillips, Revenue by Segment 94

11.5.2 ConocoPhillips, Revenue by Geography 95

11.6 ConocoPhillips, Financial and Operational Review 96

11.6.1 Financial Statements 96

11.6.2 Financial Ratios 97

12 Financial Deals Landscape 98

12.1 Detailed Deal Summary 98

12.1.1 Acquisition 98

12.1.2 Debt Offerings 100

12.1.3 Partnerships 101

12.1.4 Asset Transactions 114

13 Recent Developments 116

13.1 License Rounds 116

13.1.1 Jul 27, 2009: Venezuela Defers Orinoco Oil Tender: Ramirez Says 116

13.1.2 Mar 06, 2009: Venezuela Postpones Orinoco Bids By Two Weeks 116

13.2 License Awards 117

13.2.1 Jul 06, 2009: Total, CNPC To Bid For Two Oil Blocks In Venezuela 117

13.3 Strategy and Business Expansion 117

13.3.1 Jun 11, 2009: Pertamina Expands Oil, Gas Exploration Activities To Overseas 117

13.3.2 May 27, 2009: PDVSA Steps Up Exploration And Production Plans 118

13.3.3 May 12, 2009: PetroChina Plans To Construct Two Refineries On Venezuelan Crude 118

13.3.4 Apr 28, 2009: PDVSA To Select Partners For Developing Carabobo Area In Venezuela 119

13.3.5 Feb 12, 2009: PDVSA To Restore Oil Ventures With Foreign Partners To Cut Cost 120

13.4 Drilling and Production Updates 121

13.4.1 Jul 10, 2009: PDVSA Updates On PTL-7 Well At Las Piedritas Field In Venezuela 121

13.4.2 Jun 10, 2009: Chevron's Cardon Well In Gulf Of Venezuela May Be Dry 121

13.4.3 Jun 04, 2009: PDVSA Starts Operations In Drilling Rig Corpoven 8 123

13.4.4 May 06, 2009: PDVSA Announces First Production Test At Cruz de Mayo Gas Well In Dragon Offshore Field, Venezuela 123

13.5 Financial Announcements 125

13.5.1 Jun 07, 2009: PDVSA Net Profit Up 50.06% In 2008 125

13.6 Other Significant Developments 126

13.6.1 Jul 26, 2009: Venezuela To Spend In Iran's Oil Sector: Nozari says 126

13.6.2 Jul 22, 2009: PDVSA Completes Acquisition Of 3D Seismic Data In Paria Peninsula, Venezuela 126

13.6.3 Jul 14, 2009: Petrobras To Participate In Carabobo Drilling Tender, Venezuela 127

13.6.4 Jul 07, 2009: Valero Energy's Aruba Refinery Units Still In Operations 128

13.6.5 Jun 08, 2009: Caribbean Heads To Discuss Oil Supply Projects 128

13.6.6 Jun 03, 2009: PDVSA's El Palito Refinery Started Up The Distillation And Specialties Unit 129

13.6.7 May 08, 2009: Venezuelan Government Seizes Williams' Two Assets 129

13.6.8 Apr 07, 2009: Iran And Venezuela To Construct LNG Plant In Venezuela 130

13.6.9 Apr 06, 2009: Japan, Venezuela Sign Energy Cooperation Deal 130

13.6.10 Apr 01, 2009: Iran Plans To Construct Joint Oil Refinery In Syria 131

13.6.11 Mar 27, 2009: PDVSA To Cut 40% On Its Investment Plan For 2009 131

13.6.12 Mar 23, 2009: South Korea Signs MoU With Venezuela For Collaboration In Oil And Gas Sectors 133

13.6.13 Mar 19, 2009: Japan, Venezuela To Expand Ties In Energy Sector 133

13.6.14 Mar 17, 2009: Venezuela Adds 20.96 Billion Barrels To Crude Reserves 133

13.6.15 Mar 16, 2009: Venezuela Closes Deal For Russian Companies Exploring Oil In Orinoco Belt 134

13.6.16 Mar 06, 2009: Venezuela Starts Paying Debts To Oil Service Companies 134

14 Appendix 135

14.1 Methodology 135

14.1.1 Coverage 136

14.1.2 Secondary Research 137

14.1.3 Primary Research 137

14.1.4 E&P Forecasts 137

14.1.5 Midstream Forecasts 139

14.1.6 Expert Panel Validation 139

14.2 Contact Us 139

14.3 About GlobalData 140

14.4 Disclaimer 140

1.1 List of Tables

Table 1: Venezuela, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 13

Table 2: Venezuela, Historical and Forecasted Exports of Crude Oil, 1996-2020 15

Table 3: Venezuela, Historical Reserves of Crude Oil, 1996-2008 17

Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 24

Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 25

Table 6: South and Central America, Investment Benchmarking, Oil Sector Performance, 2008 27

Table 7: South and Central America, Investment Benchmarking, Economic Performance, 2008 32

Table 8: South and Central America, Country Standings, Economic Performance, 2008 32

Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 34

Table 10: South and Central America, Country Standings, Socio-Political Performance, 2008 35

Table 11: Venezuela, Crude Oil Key Statistics, 2008 37

Table 12: Venezuela, Total Gross Crude Oil Production (MMBBLs), 2001-2008 38

Table 13: Venezuela, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 39

Table 14: Venezuela, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 41

Table 15: Venezuela, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 42

Table 16: Venezuela, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 44

Table 17: Venezuela, Active Oil Field Assets Details 46

Table 18: Venezuela, Planned Oil Field Assets Details 48

Table 19: Venezuela, Pipeline Key Statistics, 2008 49

Table 20: Venezuela, Crude Oil Pipeline Length by Company (Km), 2008 49

Table 21: Venezuela, Petroleum Product Pipeline Length by Company (Km), 2008 50

Table 22: Venezuela, Crude Oil Pipelines, 2008 51

Table 23: Venezuela, Crude Oil Pipelines, 2008 (Contd.) 52

Table 24: Venezuela, Petroleum Product Pipelines, 2008 53

Table 25: Venezuela, Refinery Key Statistics, 2008 54

Table 26: Venezuela, Total Refining Capacity (MMTPA), 2000- 2013 54

Table 27: Venezuela, Refining Capacity-Wise Market Share By Company 55

Table 28: Venezuela, Crude Distillation Unit Capacity (MMTPA), 2000-2013 56

Table 29: Venezuela, Coking Unit Capacity (MMTPA), 2000-2013 56

Table 30: Venezuela, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 57

Table 31: Venezuela, Oil Storage Key Statistics, 2008 58

Table 32: Venezuela, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 58

Table 33: Venezuela, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 59

Table 34: Venezuela, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 60

Table 35: Petroleos de Venezuela S.A., Key Facts 61

Table 36: Petroleos de Venezuela S.A., SWOT Analysis 63

Table 37: Chevron Corporation, Key Facts 69

Table 38: Chevron Corporation, SWOT Analysis 75

Table 39: Chevron Corporation, Revenue by Segment, USD Million, 2003-2007 80

Table 40: Chevron Corporation, Revenue by Geography, USD Million, 2003-2007 81

Table 41: Chevron Corporation, Financial Statements, USD Million, 2003-2007 82

Table 42: Chevron Corporation, Financial Ratios, USD Million, 2003-2007 83

Table 43: ConocoPhillips, Key Facts 84

Table 44: ConocoPhillips, SWOT Analysis 91

Table 45: ConocoPhillips, Revenue by Segment, USD Million, 2003-2007 95

Table 46: ConocoPhillips, Revenue by Geography, USD Million, 2003-2007 96

Table 47: ConocoPhillips, Financial Statements, USD Million, 2003-2007 96

Table 48: ConocoPhillips, Financial Ratios, USD Million, 2003-2007 97

Table 49: PDVSA To Acquire 18% Interest In Petroritupano 98

Table 50: PetroFalcon Acquires Lundin Latina de Petroleos From Lundin Petroleum 99

Table 51: PDVSA Raises Remaining $1.58 Billion In Bond Offering 100

Table 52: PetroChina Forms Joint Venture With Petroleos de Venezuela 101

Table 53: PDVSA, Marubeni, ITOCHU, Mitsubishi, Mitsui To Form Joint Venture 102

Table 54: Rosneft, Gazprom, Lukoil, TNK-BP And Surgutneftegaz Forms Joint Venture With PDVSA 103

Table 55: Petrovietnam To Form A Joint Venture With Petroleos de Venezuela 104

Table 56: Gazprom Enters Into Partnership With Petroleos de Venezuela 105

Table 57: Eni To Form Partnership With Petroleos de Venezuela 106

Table 58: Petroleos de Venezuela Enters Into Partnership To Develop Offshore Natural Gas Deposits 107

Table 59: PDVSA Plans To Enter Into Partnership With Ecopetrol 109

Table 60: Petroleos de Venezuela Forms Joint Venture With ONGC Videsh 110

Table 61: PDVSA Servicios Forms Joint Venture With China National Petroleum 111

Table 62: Eni And Petroleos de Venezuela Form Joint Venture 112

Table 63: Total Signs Two Heavy Oil Study Agreements With PDVSA In Venezuela 113

Table 64: PetroSA To Acquire Oil-Producing Asset In Venezuela 114

Table 65: Vinccler To Acquire 25% Interest In Cardon IV Block From Repsol YPF 115

1.2 List of Figures

Figure 1: Venezuela, Energy Sector Break-Up, 2008 11

Figure 2: Venezuela, Crude Oil Production And Consumption, Thousand Barrels Per Day, 1996-2020 14

Figure 3: Venezuela, Historical and Forecasted Exports of Crude Oil, 1996-2020 16

Figure 4: Venezuela, Crude Oil Reserves, Million Barrels, 1996-2008 18

Figure 5: Venezuela, Upstream Oil & Gas Fiscal Regime (PSA), Sample Cashflows, 2005-2016 23

Figure 6: South and Central America, Country Standings, Upstream Fiscal Attractiveness, 2008 26

Figure 7: South and Central America, Country Standings, Oil Sector Performance, by Reserves-Exploration & Production, 2008 28

Figure 8: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, 2008 29

Figure 9: South and Central America, Country Standings, Exploration Blocks Awarded, 2008 30

Figure 10: South and Central America, Country Standings, Economic Performance, 2008 33

Figure 11: South and Central America, Country Standings, Socio-Political Performance, 2008 35

Figure 12: Venezuela, Crude Oil Assets Map, 2008 37

Figure 13: Venezuela, Total Gross Crude Oil Production (MMBBLs), 2001-2008 38

Figure 14: Venezuela, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 42

Figure 15: Venezuela, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2008 43

Figure 16: Venezuela, Crude Oil Pipeline Length By Company (Km), 2008 50

Figure 17: Venezuela, Total Refining Capacity (MMTPA), 2000- 2013 55

Figure 18: Venezuela, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 59

Figure 19: Venezuela, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 60

Figure 20: GlobalData Methodology 136Petroleos de Venezuela S.A.

Chevron Corporation

ConocoPhillips

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