Table of Contents
Executive Summary — 7 SWOT
Analysis — 9 Venezuela Political SWOT
Analysis — 9 Venezuela Economic SWOT
Analysis — 9 Venezuela Business Environment SWOT
Analysis — 10 Venezuela Energy Market
Overview — 11 Regional Energy Market
Overview — 17 Oil Supply And
Demand — 17 Table: Latin America Oil Consumption
(000b/d) — 18 Table: Latin America Oil Production
(000b/d) — 19 Oil: Downstream — 20
Table: Latin America Oil Refining Capacity (000b/d) — 20
Gas Supply And Demand — 21 Table: Latin America Gas
Consumption (bcm) — 21 Table: Latin America Gas Production
(bcm) — 21 Liquefied Natural Gas — 22
Table: Latin America LNG Exports/(Imports) (bcm) — 22
Business Environment Ranking — 23 Latin America
Region — 23 Composite Scores — 23
Table: Regional Upstream Business Environment Rating — 24
Table: Regional Downstream Business Environment
Rating — 25 Upstream Scores — 25
Downstream Scores — 25 Venezuela Upstream Rating –
Overview — 26 Venezuela Upstream Rating – Potential
Returns — 26 Venezuela Upstream Rating – Risks to
Potential Returns — 26 Venezuela Downstream Rating –
Overview — 27 Venezuela Downstream Rating –
Potential Returns — 27 Venezuela Downstream Rating –
Risks to Potential Returns — 27 Business
Environment — 28 Legal Framework — 28
Infrastructure — 30 Labour Force — 30
Foreign Investment Policy — 31 Tax
Regime — 32 Security Risk — 33
Industry Forecast Scenario — 34 Oil and Gas
Reserves — 34 Oil Supply and
Demand — 35 Gas Supply and Demand — 35
Liquefied Natural Gas — 37 Refining and Oil Products
Trade — 37 Revenues/Import Costs — 37
Table: Venezuela Oil & Gas – Historical Data &
Forecasts — 38 Other Energy — 39
Table: Venezuela Other Energy – Historical Data &
Forecasts — 41 Key Risks To BMI’s Forecast
Scenario — 41 Long-Term Oil & Gas
Outlook — 41 Macroeconomic
Outlook — 42 Table: Venezuela - Economic
Activity — 44 Competitive
Landscape — 45 Executive Summary — 45
Table: Key Players In Venezuela’s Oil & Gas
Sector — 46 Overview/State Role — 46
Table: Key Upstream Players — 52 Table: Key Downstream
Players — 52 Company Monitor — 53
PdVSA — 53 Chevron — 59 Total
Venezuela — 62 Repsol YPF
Venezuela — 64 BP – Summary — 66
ExxonMobil – Summary — 66 OMV –
Summary — 66 StatoilHydro –
Summary — 66 Eni – Summary — 67
Petrobras – Summary — 68 Shell –
Summary — 68 Perenco –
Summary — 68 Conoco Venezuela –
Summary — 69 Others –
Summary — 69 Glossary of Terms — 71
Oil & Gas Ratings: Revised Methodology — 72
Introduction — 72 Ratings
Overview — 72 Table: BMI Oil & Gas Business Environment
Ratings: Structure — 73
Indicators — 74 Table: BMI Oil & Gas Business Environment
Upstream Ratings: Methodology — 74 Table: BMI Oil & Gas
Business Environment Downstream Ratings: Methodology — 75
Oil & Gas Outlook: Long-Term Forecasts — 77 Regional Oil
Demand — 77 Table: Latin America Oil Consumption
(000b/d) — 77 Regional Oil Supply — 78
Table: Latin America Oil Production (000b/d) — 78 Regional
Refining Capacity — 79 Table: Latin America Oil Refining
Capacity (000b/d) — 79 Regional Gas
Demand — 80 Table: Latin America Gas Consumption
(bcm) — 80 Regional Gas Supply — 81
Table: Latin America Gas Production (bcm) — 81 Venezuela
Country Overview — 81 Methodology & Risks To
Forecasts — 82 BMI Forecast
Modelling — 83 How We Generate Our Industry
Forecasts — 83 Energy Industry — 83
Cross checks — 84 Sources — 84
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