(in South America)



AREA (on): 912,100 km2

OIL PEAK: 1970  


Venezuela began producing oil in 1917, reaching a peak in 1970. All output is from onshore basins across the country, especially around Lake Maracaibo.

Being a member of OPEC the country restricted output in the 1980s but for some years has produced to its maximum potential with production data of uncertain accuracy. It may have restricted output in 2008 but the decline could have been caused by lack of investment. Although some new output will be achieved in its old producing areas the biggest growth opportunity lies in production of bitumen deposits (converted to synthetic oil) from the huge Orinoco Belt.

Oil associated with gas will also be produced as new oil and gas fields come onstream offshore near Trinidad. Gas production is forecast to increase, some destined for export as LNG over the long term.



Oil consumption is increasing after a brief decline in 2003 due to internal economic problems.

Gas consumption is also increasing, picking up over the next few years as the country looks to gas as a fuel substitute and tries to increase its foreign oil earnings.

Exports of oil will remain flat after a low in 2003 and another in 2009, whilst net gas exports are projected to begin in 2013 and increase when the country’s first LNG plant comes onstream at Guajira on the Paria peninsula although this may not happen for a decade.



This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.


An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.


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