PDVSA may face capacity constraints

Por Venezuela Real - 10 de Octubre, 2008, 12:24, Categoría: Petróleo/Energía

Arcaya y Asociados
Think Tank
October, 2008

SUBJECT: Constraints on the oil sector and state oil company PDVSA.
SIGNIFICANCE: Venezuela is the largest exporter of oil in the western  hemisphere, and what President Hugo Chavez says and what the country  does is closely watched, particularly in a world facing still high oil prices  and edgier geopolitics. 
ANALYSIS: Venezuela's oil wealth enables President Hugo Chavez to  promote and support his political views, domestically and internationally,  with oil revenue accounting for about half the government's annual budget.  Chavez has steadily increased the state's ownership and control of its oil  sector. State oil company PDVSA now owns a majority in all major oil and  gas production ventures, largely reversing the opening of the oil industry of  the early 1990s, when international oil companies were invited back into the  country following nationalisation in 1976. Some foreign oil companies have  quit the country as a result and others have been reduced to holding minority  (40% or less) stakes in energy ventures now controlled by PDVSA. 
Higher oil prices, larger stakes in the conventional oil fields and heavy oil  projects, along with increased taxes and royalties, have boosted Venezuela's  income from hydrocarbons. PDVSA's net income rose by 961% in the first  half of 2008, to 9.8 billion dollars. However, its debt stood at 15.7 billion  dollars, up from around 7.0 billion in 2000. 
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