Venezuela’s Oil, Bankruptcy and Cryptocurrency - VisualPolitik EN
In this video we’ll tell you what’s happening with PDVSA, what we can do with the Petro and what the consequences are for Venezuela.
https://youtu.be/VWe7IVgHkd4
In this video we’ll tell you what’s happening with PDVSA, what we can do with the Petro and what the consequences are for Venezuela.
https://youtu.be/VWe7IVgHkd4
Venezuela is undergoing some of its worst moments. This disaster is so huge, that what once was one of the largest and most powerful oil companies in the world, PDVSA, the Venezuelan oil company, is now undergoing really difficult times, and is even close to bankruptcy.
And it is precisely at this difficult year that Nicolás Maduro’s government has had its absurd idea: launch its own cryptocurrency, the Petro, to try to finance itself.
Since 2011, the workforce of non-oil subsidiaries has reflected a policy of expansion of the Corporation into areas such as food (PDVSA Agrícola), industrial (PDVSA Industrial and PDVSA Naval), public services (PDVSA Gas Comunal and PDVSA TV) and infrastructure (PDVSA Desarrollos Urbanos and PDVSA Ingeniería y Construcción), offshore gas projects and new developments in the Orinoco Oil Belt, the construction of the Batalla de Santa Inés (Barinas state) and Petrobicentenario (Anzoátegui state) Refineries and maintenance of the National Refinery System.
PDVSA.com Wednesday, 11 July 2018, Venezuela’s crypto-currency El Petro was introduced by President Nicolás Maduro in order to show the reliability of his patent, during some activities with Turkish investors which had place in Turkey, regarding his participation in the assumption of his colleague, Mr. Recep Tayyiip Erdogan.
Prohibido Olvidar.
Forbidden to forget -ne obliviscaris-, in our episode of Feliz y Saludable today we remember the BLUE Petroleos of Venezuela S.A. of the year 2000.
18 years ago...September 19, 2000, Corporate Profile (Archive.org).
Venezuela has one of the world´s most prolific sedimentary basins. Although the first records on national oil production go back to 1878, it was only since early in 1914 that oil production on a commercial scale began. Since then, the name Venezuela has been synonymous with abundant hydrocarbons resources.
At present, Venezuela is consolidating the development of its oil industry to ensure maintaining its first rank position in the world energy sector.
Since its creation in 1976, Petróleos de Venezuela, S.A.(PDVSA) has become one of the world's leading energy corporations. PDVSA is the parent company of the Corporation, which is owned by the Republic of Venezuela, and is charged with the development of the petroleum, petrochemical and coal industry, and is responsible for planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad.
PDVSA carries out exploration and production to develop oil and gas, as well as production of bitumen and heavy crude from the Orinoco Belt, and manufacture of Orimulsion. It is also in charge of developing the coal industry in Venezuela.
PDVSA holds a leading position among the world refiners, and its direct manufacturing and marketing network covers mainly Venezuela, the Caribbean, the United States and Europe. It is also active in the areas of petrochemical production, research and technology development, as well in industry- related activities of education and training.
Transformation and Success
After two decades of activities, PDVSA has become a front rank corporation in the national and international arena. It holds a prominent position among the world's oil companies because of its production level, reserves, installed refining capacity net profits and sales.
PDVSA has made a timely decision in responding to the challenge of remaining competitive and profitable in the world energy scene. Toward this end, it has initiated the transformation of its corporate structure with the fundamental goal of redefining the role of the parent company and consolidating its operational structure.
In this direction, the Venezuelan energy corporation, at the end of 1997, founded PDVSA Petróleo y Gas, the head of three major divisions responsible for the core activities of the business: PDVSA Exploration and Production, PDVSA Manufacturing and Marketing, and PDVSA Services. Each one of these divisions is composed of various companies and business units, located both in Venezuela and abroad.
The petrochemical sector is being developed by Pequiven, its subsidiaries and joint ventures.
Other functions such as educational training, research, development support to agro- industry, and promotions of savings and investment , will continue to be carried out by the subsidiaries CIED, Intevep, Palmaven and SOFIP, respectively.
ˇPDVSA Exploration and Production
PDVSA Exploration and Production is responsible for the development of oil, gas and coal production, and the manufacture OrimulsionŽ . The division comprises the following business units: PDVSA Exploration, PDVSA Production, PDVSA Orinoco Belt, Bitor / Carbozulia, and CVP.
In this direction, the Corporation made significant progress in establishing the Integral Risk Management system; accident indicators continued to improve with respect to previous years, the number of hydrocarbons spills and leaks were considerably reduced, staff training was increased, and the programs on the conservation and management of river catchment areas in influence regions were continued.
As a result of operational activity, proven crude and condensate reserves rose to 76.862 billion barrels, or 754 million barrels higher than 1998, while proven natural gas reserves were placed at 146.8 trillion cubic feet.
Crude production capacity, excluding the Orinoco Belt ventures, av eraged 3.560 million barrels per day. Of this total, 86% was accounted for by direct PDVSA operations, the remainder being generated by the operating agreements on field reactivation.
With regard to the Orinoco Belt strategic associations, Petrozuata achieved a 90% physical progress, the successful drilling of 27 multilateral wells being worthy of note. Cerro Negro recorded an 81% progress, and began crude production in the last quarter of the year. Sincor achieved a 47% physical progress, and in June the partners decided to continue with the Hamaca project.
In the risk exploration and shared-profits agreements, Corporación Venezolana del Petróleo (CVP) and its partners centered their main efforts on completing the minimum exploration plan. This included the completion of six exploration wells, outstanding among them being the discovery in Paria West of crude reserves estimated at 570 million barrels, as well as 2.9 trillion cubic feet of gas.
Bitor exported 4.885 million metric tons of Orimulsion®, up 1.350 million tons from 1998, mainly because of sales to Italy, which went up by 1.056 million tons, and sales to China of 368,000 metric tons.
A total of 4.805 million tons of Orimulsion were manufactured during the year under review, versus 3.767 million metric tons in 1998. Marketing efforts were directed to consolidating position in existing markets and to penetrating new ones, such as South Korea, China, Northern Ireland, Singapore and Taiwan."
ˇPDVSA Manufacturing and Marketing
This division is in charge of crude refining activities and the manufacture of products and their marketing. It supplies the national and international markets, and is also responsible for the marketing of natural gas and marine transportation, while participating in hydrocarbons industrialization projects. The division is composed of PDVSA Refining and Marketing, Deltaven, PDV Marina, Intevep, and PDVSA Gas.
Exports volumes of crude and products averaged 2.785 million barrels per day. Total average for crude was 1.924 million barrels per day, with products accounting for 828,000 barrels per day. Supply of liquids to the internal market rose to 383,000 barrels per day, in comparison with the 332,000 barrels per day estimated originally.
In response to the customer diversification and market penetration strategy, sales to Latin America and the Caribbean increased by some 75,000 barrels per day. Additionally, the PDVSA Trading affiliate was created to support further market penetration by means of this activity."
ˇPDVSA Services
This new division is responsible for the supply of integrated, specialized and competitive services to the entire corporation. Its scope includes a wide variety of specialties, outstanding among which are the procurement of goods and materials, technical services, professional consulting and advice, as well as information technology and engineering, among others. The division comprises Bariven, PDVSA Administration and Services, PDVSA Engineering and Projects, Legal Affairs, Human Resources, Finances, and Public Affairs.
ˇPEQUIVEN
An integrated and diversified petrochemical company, Pequiven produces and markets over 40 products for national and international markets. Its operations are organized by business units responsible for each of its three main product lines: olefins and plastics, fertilizers, and industrial products.
Regarding development plans, the Aguas Industriales de Jose joint venture was founded, while the FertiNitro project recorded an 89% overall progress, in line with its programmed completion in the fourth quarter of 2000.
Existing operations were further consolidated with the addition of the new PVC plant, which went into operation in the middle of the year, thereby tripling production capacity to 180,000 tons per annum. The construction of RAS, the project to recycle Maracaibo's municipal sewage water, due to be completed next June, will ensure the supply of industrial water to operations at the El Tablazo complex. RAS will also liberate additional volumes of drinking water for Maracaibo, while making a permanent contribution to the Lake's clean-up.
The PDVSA-ExxonMobil olefins and derivatives project at Jose recorded a 90% progress in the negotiation of the joint-venture contracts, while basic engineering and a class II cost estimate were completed. Finally, the infrastructure works for the petrochemicals marine dock at Jose entered their final stage, the dock's entry into service being planned for the second quarter of the year.
Proesca's efforts during 1999 were directed mainly to the revision, control and follow-up of its four joint-venture operations: Vassa, Profalca, Ceraven and Alkiven, for the purpose of contributing to their commercial success."
ˇCIED
The CIED functions compromise executive, professional, technical level and crafts education and training. These functions are carried out by its three branches: the Managerial Development Institute, the Institute for Professional and Technical Development, and the Industrial Training Institute. The majority of the courses offered are open to other national and international companies, specially to those with activities related to the oil business.
ˇINTEVEP
This is a research and technology development company which provides its services on technology to the oil and petrochemical industry. It promotes the development, transference and application of the main technologies pertinent to each phase of the industry: exploration, production, manufacture, transport, and marketing, offering its clients specialized technical services, consulting and information.
ˇPALMAVEN
Provides technical assistance to agriculture. Through its environmental Evaluation and Handling Organization, it offers its expertise on environmental problems related to oil activities and carrying out actions to prevent, control and remedy possible harm to the environment, starting from knowledge on the use of renewable natural resources, as well as on the harmonious utilization of space in areas under the influence of the oil industry's sphere of influence.
ˇSOFIP
The Investment Fund SOFIP, constitutes a systematic effort to attain the full incorporation of the oil industry into Venezuelan society. This subsidiary develops vehicles enabling domestic and international investors to participate in the Venezuelan opening strategy, through its various investment opportunities.
rafael.vilagut@ucr.ac.cr Costa Rica University
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