Venezuela EK energy storage product output value

4 FAQs about Venezuela EK energy storage product output value

Will a new project increase Venezuela's production?

According to IPD Latin America, ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term. As a result, we estimate that these projects will increase Venezuela's total output to around 900,000 b/d by the end of 2024.7

Who is responsible for the development of energy plans in Venezuela?

The Planning Ministry (Cordiplan)is involved in the development of the energy plans and the definition of the sector's main priorities. PDVSA Gas is in charge of the exploration and the exploitation of gas, as well as of the production and sale of LNG on national and international markets. Venezuela has substantial hydrocarbon reserves.

How much oil does Venezuela produce in 2023?

Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.

What is the role of coal in Venezuela's energy mix?

In comparison to oil and natural gas, coal plays a minor role in Venezuela's energy mix, accounting for 0.2% of total energy production and 0.1% of total energy consumption. Venezuela's coal industry has faced challenges such as outdated infrastructure and limited investment, which has affected production.

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