Venezuelan oil production in freefall as majors flee
Venezuelan crude output has fallen by more than 500,000b/d since 2015 as a deepening political crisis cripples state-owned company PDVSA and prompts international companies to flee.
The South American nation, which has the world's largest proven oil reserves, saw production dip to 2.12Mb/d (based on direct communication) in July from 2.65Mb/d in 2015, crude exporters group OPEC said in its latest monthly report on Thursday.
Output is expected to fall further after Repsol, Statoil, Total and Chevron said they withdrew workers from local fields amid concerns for their safety.
More than 120 people have died in clashes between government security forces and protesters since April as Venezuela's runaway inflation, rampant crime and food shortages stir growing unrest.
According to OPEC, Venezuelan oil production has fallen by 148,000b/d so far this year.
BRAZIL GROWTH
Brazil, while also suffering economic and political turbulence – though on a far less severe scale – is the only Latin American country on track to raise oil output this year, according to OPEC.
Total liquids supply in Brazil – including crude oil, natural gas liquids and biofuels – is expected to hit 3.38Mb/d this year - up 240,000b/d from 2016.
OPEC cited new pre-salt production at the Lula, Parque das Baleias, Roncador-2, Sapinhoá, Tartaruga Verde, Mestiça and Libra fields as catalysts for growth.
In 2018, Brazil's overall liquids supply is forecast to climb a further 210,000b/d, according to the report.
Elsewhere in Latin America, OPEC expects 2017 crude production to decline in Colombia (by 60,000b/d to 840,000b/d) and Argentina (by 10,000b/d to 670,000b/d). Liquids production in Mexico is projected to dip by 170,000b/d to 2.30Mb/d.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Petrochemicals (Venezuela)
Venezuela under 'critical stress' as PDVSA graft scandal widens
Police in Andorra are probing claims that a cartel involving top Venezuelan officials funneled more than US$2bn from oil contracts. Meanwhile, Mood...
Latin American presidents: one term too many?
When one person wields power for too long, the checks and balances that are so crucial to a functioning democracy inevitably start to erode, and th...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Waste to Energy (WTE) Plant in Caju (URE Caju)
- Current stage:
- Updated:
3 days ago
- Project: Cecilia
- Current stage:
- Updated:
2 days ago
- Project: Bloque VSM 37
- Current stage:
- Updated:
1 day ago
- Project: Pacific mesoamerican corridor
- Current stage:
- Updated:
3 days ago
- Project: VMM 4-2 area
- Current stage:
- Updated:
2 days ago
- Project: VIM 10-2 area
- Current stage:
- Updated:
2 days ago
- Project: Barra do Riacho port expansion
- Current stage:
- Updated:
3 days ago
- Project: VSM 13-2 area
- Current stage:
- Updated:
2 days ago
- Project: Floating storage and offloading vessel (FSO) for the Trión Block
- Current stage:
- Updated:
2 days ago
- Project: VSM 14-1 area
- Current stage:
- Updated:
2 days ago
Other companies in: Petrochemicals
Get critical information about thousands of Petrochemicals companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Unipar Indupa do Brasil S.A.  (Unipar Indupa do Brasil)
-
Solvay Indupa do Brasil S.A. is a subsidiary of Solvay Indupa S.A.I.C, an Argentinean company created in 1948. Solvay Indupa do Brasil produces chemicals and plastics and specia...
- Company: Dow Argentina S.A.  (Dow Argentina)
-
Dow Argentina is a subsidiary of US chemical company Dow Chemical which began activities in Argentina in 1957. The company's activities encompass the chemical, petrochemical and...
- Company: Industrial Consulting Group  (Industrial Consulting Group (ICG))
-
Colombia's Industrial Consulting Group (ICG) provides commissioning and start-up services for oil & gas industrial facilities. It provides specialized support for inspection, an...
- Company: SGS Perú S.A.C.  (SGS del Perú)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Eaton Brasil
- Company: Pemex Transformación Industrial, S.A. de C.V.  (Pemex Transformación Industrial)
-
Pemex Transformación Industrial S.A. de C.V., one of Pemex's two productive subsidiaries, consists of former companies Pemex Gas y Petroquímica Básica, Pemex Refinación and Peme...
- Company: Administración Nacional de Combustibles, Alcohol y Portland  (ANCAP)
-
Created in 1931, Uruguay's state oil company Ancap is engaged in the exploration, production, transport, refinery, storage and sale of hydrocarbons and derivatives. The firm is ...
- Company: Ball Corporation  (Ball)
-
Ball Corporation (Ball) is a US-based company founded by Frank y Edmund Ball brothers in 1886, which offers packaging solutions for the sectors of drinks and food, personal care...
- Company: APTIM Corp.  (APTIM)