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Higher Foreign Investments Would Boost Oil Production Capacity in Venezuela
GlobalData, Sep 2011, Pages: 8
Higher Foreign Investments Would Boost Oil Production Capacity in Venezuela
Summary
Venezuela has vast proven reserves of crude oil that surpasses the proven oil reserves of Saudi Arabia, which is currently the largest producer of oil in the world. Presently, Venezuela produces oil at a rate of about one-third of Saudi Arabia’s daily crude oil production. Venezuela aims to increase its oil production capacity to about 6 million barrels per day (MMbpd) by 2019. However, the key challenge for Venezuela to increase its oil production capacity is huge investments and technological upgrade of infrastructure required for oil production from unconventional oil reserves in Orinoco Oil Belt. In such circumstances, it is critical for the country to attract foreign investment for further development of its oil and gas sector.
Scope
- The report highlights low oil production capacity of Venezuela compared to Saudi Arabia despite the fact that both the countries have comparable proved oil reserves.
- The report further provides information on Venezuela's plans to increase its oil production capacity
- It further provides information on key challenges faced by Venezuela in increasing its oil production capacity and how increased foreign investment can help the country to boost its oil production
- The viewpoint also provides information on recent investments made by foreign oil and gas companies in Venezuela's oil and gas assets
Reasons to buy
- To gain understanding of opportunities for oil and gas companies in Venezuela's heavy oil belt
- To keep abreast of key challenges faced by Venezuela in increasing its oil production capacity where the country would prefer to allow foreign participation
- To be aware of key challenges that foreign investors might face in investing in Venezuela's oil and gas industry
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