Invest in Venezuela
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Business Opportunities / Hydrocarbures and Chemistry
Hydrocarbures and Chemistry
Venezuela has in the sector linked with hydrocarbures, as wider opportunities as its energetic reservoirs, according to the 2014 PDVSA Management Report:
- Venezuela has 299,953 MMMBls proven oil reservoir.
- 198,368 MMMMPC of proven gas reservoir.
- 779 MBD of oil production at the end of 2014.
The relative importance of oil industry on Venezuelan economy is reflected through several economic relations. The weight on Gross Domestic Product (GDP) in 2013 was 11 %. For the same period 96% of Venezuela exports come mainly from oil activity.
Due to its long history in the business, Venezuela possesses a wide knowledge in different activities: exploring, production, refining and selling and has an important provision of specialized workforce.
From downstream activities point of view the access of low cost raw materials, multiple energetic integration agreements and a reduced offer of finished goods provide unlimited opportunities for local and foreign enterprises in chemical and petrochemical activity. With a low profit advantage up to now, there are niches like intermediate sectors in which it can generate up to 10 times more oil extraction value.