Energy in Venezuela

Energy in Venezuela is dominated by fossil fuels, particularly oil and natural gas, while hydropower plays a major role in the production of electricity, with smaller contributions from renewable sources such as bio waste. Venezuela was one of the world's largest producers of oil, and the country with the largest proven oil reserves in the world.Venezuela is a member of OPEC.

Overview

Energy in Venezuela[1]
Capita Prim. energy Production Export Electricity CO2-emission
Million TWh TWh TWh TWh Mt
2004 26.1 653 2,280 1,623 72.1 128
2007 27.5 741 2,138 1,381 84.6 144
2008 27.9 745 2,102 1,340 85.9 146
2009 28.4 778 2,367 1,503 89.5 155
2010 28.83 895 2,241 1,353 94.77 183.04
2012 29.28 816 2,335 1,506 97.73 159.22
2012R 29.96 888 2,318 1,405 101.88 178.28
2013 30.41 800 2,235 1,405 98.25 155.57
Change 2004-10 10.3% 37.0% -1,7% -16,6% 31.4% 42.6%
Mtoe = 11.63 TWh, Prim. energy includes energy losses

2012R = CO2 calculation criteria changed, numbers updated

Oil

See also: Oil reserves in Venezuela and History of the Venezuelan oil industry

In 1878, a group of Venezuelan entrepreneurs founded the first oil company in Venezuela[2]. Venezuela ranked 11th in the world for oil production in 2016; production has since fallen steeply.[3] The largest oil company is Petróleos de Venezuela (PDVSA). Oil fields in the country include Bolivar Coastal Field, Boscán Field, Maracaibo Basin and Orinoco Belt.

Oil production 2011-2021 (kb/d)[4]: 15 
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2755 2704 2680 2692 2864 2566 2220 1631 1022 640 654

In 2023, Venezuela held the world's largest proven oil reserves at 303 billion barrels, accounting for 17% of global reserves, mostly extra-heavy crude from the Orinoco Belt. Despite this, production was only 0.8% of the global total, dropping to 742,000 barrels per day, a 70% decline from 2013. Production rose by 13% in 2021 and 18% in 2022 with help from Iran, China, and Chevron after some sanctions were eased. PDVSA, the state oil company, faces issues like heavy government levies, underinvestment, mismanagement, and a lack of skilled personnel, reducing reinvestment and production. Venezuela’s oil exports reached their peak in 1998 and have been in decline since[5]. Refineries operate below capacity due to maintenance issues and lack of feedstock. Venezuela relies on fuel imports from Iran and China due to domestic shortages. A territorial dispute with Guyana over the Essequibo region heightened tensions, but both countries agreed to seek a diplomatic resolution.[6]

Venezuela is expected to run out of crude oil in 390 years, making it one of the countries that will be able to continue producing it after other countries run out of their oil resources. In Venezuela, fossil fuels account fr more than 80% of total energy consumption.[7]

Natural gas

In 2023, Venezuela held 195 trillion cubic feet (Tcf) of natural gas reserves, making up 73% of South America's total. Most of this gas is associated with crude oil, with 80% produced as a by-product. 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. Domestic consumption peaked at 936 Bcf in 2015 but dropped to 563 Bcf by 2021 due to economic decline. Venezuela is a major gas flarer, with flaring increasing fourfold from 2012 to 2021, reaching 706 Bcf in 2022. Government-regulated prices and subsidies keep natural gas prices below market rates, further limiting investment in the sector.[6]

Natural gas production 2011-2021 (billion cubic metres)[4]: 29 
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
30.2 31.9 30.6 31.8 36.1 37.2 38.6 31.6 25.6 21.6 24.0

Coal

In 2021, Venezuela held South America's fourth-largest coal reserves, totaling 806 million short tons. The main coalfields are in Zulia State, near the Colombian border. Coal plays a minor role in Venezuela's energy mix, contributing 0.2% to total energy production and 0.1% to consumption. 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. By 2021, production was 174 thousand short tons, entirely bituminous coal. Most of Venezuela's coal is used domestically in industrial processes. Consumption peaked at 319,000 short tons in 2012 but dropped to 67,000 short tons by 2021 due to economic decline.[6]

Coal production 2011-2021 (Exajoules)[4]: 38 
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0.08 0.06 0.04 0.02 0.02 0.02 0.02 0.02 0.01 0.01 <0.005

Electricity

Main article: Electricity sector in Venezuela

Hydroelectricity

Hydro power provided 74% of domestic electricity in 2008. Venezuela produced 87 TWh hydro power in 2008, 2.6% of the world total. Venezuela was top 8th in hydro electricity in 2008.[8] Venezuela’s commitment to hydroelectricity was introduced in 1946 through the National Electrification plan and was approved by government officials in 1956 [9]. Almost half of Venezuela’s hydroelectricy comes from the Guri dam, which has a capacity of more than 10GW[10].

Renewable Energy

Venezuela’s increased their renewable energy consumption to 30.13% in 2020, which added into the country’s total energy consumption[11]. Biofuels and waste in Venezuela make up about 1.9% of renewable energy[12].

See also

Wikimedia Commons has media related to Energy in Venezuela.

References

  1. ^ IEA Key World Energy Statistics Statistics 2015 Archived 4 March 2016 at the Wayback Machine, 2014 (2012R as in November 2015 Archived 5 April 2015 at the Wayback Machine + 2012 as in March 2014 is comparable to previous years statistical calculation criteria, 2013 Archived 2 September 2014 at the Wayback Machine, 2012 Archived 9 March 2013 at the Wayback Machine, 2011 Archived 27 October 2011 at the Wayback Machine, 2010 Archived 11 October 2010 at the Wayback Machine, 2009 Archived 7 October 2013 at the Wayback Machine, 2006 Archived 12 October 2009 at the Wayback Machine IEA October, crude oil p. 11, coal p. 13 gas p. 15
  2. ^ Pietrosemoli, Licia; Rodríguez-Monroy, Carlos (1 May 2019). "The Venezuelan energy crisis: Renewable energies in the transition towards sustainability". Renewable and Sustainable Energy Reviews. 105: 415–426. doi:10.1016/j.rser.2019.02.014. ISSN 1364-0321.
  3. ^ "Venezuela's Oil Production Set for Another Drop".
  4. ^ a b c "bp Statistical Review of World Energy" (PDF). www.bp.com (71st ed.). 2022. Retrieved 19 June 2024.
  5. ^ Nahrin, Rifat; Rahman, Md. Hasanur; Majumder, Shapan Chandra; Esquivias, Miguel Angel (18 January 2023). "Economic Growth and Pollution Nexus in Mexico, Colombia, and Venezuela (G-3 Countries): The Role of Renewable Energy in Carbon Dioxide Emissions". Energies. 16 (3): 1076. doi:10.3390/en16031076. ISSN 1996-1073. Archived from the original on 20 April 2024.
  6. ^ a b c "Venezuela analysis". www.eia.gov. 8 February 2024. This article incorporates text from this source, which is in the public domain.
  7. ^ Nahrin, Rifat; Rahman, Md. Hasanur; Majumder, Shapan Chandra; Esquivias, Miguel Angel (18 January 2023). "Economic Growth and Pollution Nexus in Mexico, Colombia, and Venezuela (G-3 Countries): The Role of Renewable Energy in Carbon Dioxide Emissions". Energies. 16 (3): 1076. doi:10.3390/en16031076. ISSN 1996-1073. Archived from the original on 20 April 2024.
  8. ^ IEA Key energy statistics 2010 Archived 11 October 2010 at the Wayback Machine Page: Country specific indicator numbers from page 48
  9. ^ León-Vielma, J. E.; Ramos-Real, F. J.; Hernández Hernández, J. F. (1 August 2022). "The collapse of Venezuela's electricity sector from an energy governance perspective". Energy Policy. 167: 113009. doi:10.1016/j.enpol.2022.113009. ISSN 0301-4215.{{cite journal}}: CS1 maint: article number as page number (link)
  10. ^ Hambling, David (30 March 2016). "Hydro power falters in persistent drought". The Guardian. ISSN 0261-3077. Retrieved 19 March 2026.
  11. ^ Nahrin, Rifat; Rahman, Md. Hasanur; Majumder, Shapan Chandra; Esquivias, Miguel Angel (18 January 2023). "Economic Growth and Pollution Nexus in Mexico, Colombia, and Venezuela (G-3 Countries): The Role of Renewable Energy in Carbon Dioxide Emissions". Energies. 16 (3): 1076. doi:10.3390/en16031076. ISSN 1996-1073. Archived from the original on 20 April 2024.
  12. ^ "Venezuela - Countries & Regions". IEA. Retrieved 19 March 2026.
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