Venezuela
Petróleos de Venezuela S.A. (PDVSA) is an institution that has considerable potential. It can lay claim to some of the world's largest crude oil reserves outside of the Middle East and Canada. According to the BP Statistical Review of World Energy June 2010, Venezuela's proven reserves are 172 billion BOE. According to 2009 company data, there are 2P reserves of approximately 95 billion BOE.
In 2007, PDVSA's energy policy was revised and steps taken to nationalize the energy sector. Over the last several years, additional steps have been taken to further nationalize the oilfield service sector and other industries. The core of the energy policy establishes PDVSA as having a 60 percent interest in any project. The energy policy known ...
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