Energy in Venezuela

PDVSA, the state oil company, faces issues like heavy government levies, underinvestment, mismanagement, and a lack of skilled personnel, reducing reinvestment and production.

A territorial dispute with Guyana over the Essequibo region heightened tensions, but both countries agreed to seek a diplomatic resolution.

[4] In 2023, Venezuela held 195 trillion cubic feet (Tcf) of natural gas reserves, making up 73% of South America's total.

Despite these vast reserves, much of Venezuela's natural gas is underutilized, used to support mature oil fields or flared due to inadequate infrastructure.

Production peaked at 1.12 Tcf in 2001 but fell to 563 billion cubic feet (Bcf) by 2021, hampered by poor investment and lack of infrastructure.

The coal industry faces challenges such as outdated infrastructure and limited investment, leading to a production decline of 16% annually from 2001 to 2021, after peaking at nearly 8.7 million short tons in 2000.