Venezuela has significant oil, natural gas, and hydroelectric resources. Oil accounts for nearly half of Venezuela's energy consumption and the country has the world's largest oil reserves. Venezuela uses its oil wealth to fund social programs and subsidize domestic gasoline prices. It also exports oil at discounted prices through agreements like Petrocaribe to allies in the Caribbean and Latin America. However, underinvestment in infrastructure and overreliance on hydroelectric dams have led to periodic blackouts. Venezuela is working to diversify its oil exports to Asia while developing its large shale oil and natural gas reserves.

1. An Energy Policy Case Study:
Venezuela
Vanessa Ferrero
Jonathan Kelman
POS394
21 April 2014

2. Background Information
Venezuela is located in South America, having emerged alongside Ecuador and
Colombia after the collapse of Gran Colombia in 1830 [1]. For the first half of the 20th
century,
Venezuela was under the rule of military strongmen who promoted the oil industry and allowed
for some social reforms, but Venezuela has had a democratic government since 1959 [1].
Geographically, it is roughly twice the size of California with a population of 28.46 million
people [1]. Venezuela is very energy-rich, producing oil, natural gas, and hydropower in large
quantities. Venezuela also has good wind and solar power potential, though this hasn’t been
harnessed to its fullest.
Crude Oil and Petroleum
Oil accounts for 47% of total energy consumption in Venezuela; hydroelectricity and
natural gas each represent over 20%, and coal accounts for the remainder of energy use [2].
Venezuela is the largest exporter of crude oil in the Western Hemisphere [2]. As one of
the founding members of the Organization of the Petroleum Exporting Countries (OPEC),
Venezuela has an important role in the global oil market [2]. In 2011, Venezuela had the second
largest proven oil reserves, with 211 billion barrels in reserve [2]. This has increased from the
99.4 billion barrels listed in 2009 due to the inclusion of massive reserves of extra-heavy oil
from the Orinoco Belt; “reserves could be even bigger at 316 billion barrels, with further
investigation”[2]. The Oil and Mining Minister, Rafael Ramirez, announce that by 2019 the
Orinoco Oil Belt will be producing 4 million barrels of oil per day [3].
The Oil Sowing Plan, to be implemented in two stages, began in 2005 in order to increase
Venezuelan oil production. The plan consists of six development projects: Magna Reserve,
Orinoco Project, Delta-Caribbean Project, Refinement, Infrastructure, and Integration [4]. The

3. Magna Reserve Project is meant to quantify and certify oil reserves in the Orinoco Oil Belt; the
Orinoco Project is in charge of developing the Belt in twenty-seven blocks with the cooperation
of selected companies [4]. The Delta-Caribbean Project will incorporate gas into the country’s
energy supply and pursues offshore gas developments [4]. The Refinement Project aims to
increase the refinement capacity of PDVSA by creating three new refineries (Cabruta, Batalla de
Santa Ines, and Caripito) and impoving existing ones—by doing this, PDVSA’s processing
capacity on Venezuelan soil will increase to 700,000 barrels a day [4]. The Infrastructure Project
will set up more filling centers and pipelines to guarantee fuel supplies to the whole nation; there
is also a signed agreement with Colombia for the construction of the Transguajiro gas pipeline
[4]. The final project, Integration, deals with the potential of oil to integrate all the peoples of
Latin America through Petrocaribe, Petrosur, and possibly Petrobras [4]. An investment of
around $56,000 billion had been estimated for the first period of this plan, from 2005-2012, of
which 70% would be financed by Venezuela and the rest by the private sector [4].
The oil sector is an extremely important part of Venezuelan economy, as “non-oil exports
have virtually vanished: USD 96 out of 100 stem from the oil industry” [5]. In 2010, the country
had net oil exports of 1.7 million barrels per day, the eighth largest in the world [2]. In 1975,
Venezuela nationalized its oil industry under an “organic law that reserves the industrialization
and trade in hydrocarbons to the State” by creating Petroleos de Venezuela S.A. (PDVSA), the
state-run oil and natural gas company [6]. Under the provisions of the constitution, the
Venezuelan State is PDVSA’s sole stockholder [6]. It is important to note that the President of
PDVSA, Rafael Ramirez, is also Venezuela’s Oil and Mining Minister. “Along with being
Venezuela's largest employer, PdVSA accounts for a significant share of the country's GDP,
government revenue, and export earnings” [2].

4. Because the country is full of oil, Venezuelans are used to very low gas prices; however,
these low prices are actually the result of a very large domestic gasoline subsidy. “The
government is spending more than $12bn a year to subsidize domestic gasoline sales”, setting the
price of premium gasoline at around 5 cents a gallon [7]. As a reporter put it, “gasoline is so dirt-
cheap in Venezuela that the comparison undervalues dirt”[7]. Gas prices have been frozen for so
long that stations don’t even bother displaying them; even Chavez, who was president for 14
years, didn’t try to mess with them [7]. But now, with annual inflation over 50% and “the
government burning through hard-currency reserves, Chávez's successor, Nicolas Maduro,
appears to have no choice” [7]. The country is also “paying more and more to import
components needed to make gasoline, making the subsidies "increasingly painful" for the
government” [7]. In December of 2013 Maduro said “What we want is for gasoline prices to be
balanced, [and] that this be achieved with all the benefits an oil producing nation should have. A
fair price” [8]. The plan is for oil industries products to be “progressively brought into balance
for the good of the national economy” [8]. The projected price hike on gasoline would likely
push the gasoline closer to 17 cents a gallon [7]. “Calling current prices an ‘embarrassment,’
Oliveros said a price increase was needed to correct fiscal imbalances” [9]. Some citizens,
however, disagree. Criticisms from Venezuela’s opposition say “what Venezuela really needs to
do is stop giving oil away to other countries like Cuba…before jacking up pump prices at home”
[7].
Criticisms such as these look at Venezuela’s involvement in agreements such as
Petroamerica and ALBA as harmful to its oil economy. “The Bolivarian Alternative for the
Americas (ALBA) is… a proposal to gather the Latin American and Caribbean countries in a
single economic and social bloc” [10]. The ALBA integration initiative challenges the North

5. American Free Trade Area of the Americas (FTAA) introduced by the US in 1994, which would
imply the division of Latin American countries and high levels of dependence and subordination
[10]. “In opposition to the FTAA’s capitalist, mercantilist model,… the predator economic
development that makes inequalities worse, ALBA proposes the search for a development…
oriented toward social equality” [10]. Petroamerica consists of three sub-regional energy
integration initiatives: Petrocaribe (signed by 14 Caribbean countries), Petrosur (including
Argentina, Brazil, Venezuela, and Uruguay), and Petroandina (a proposal for Bolivia, Ecuador,
Colombia, Peru, and Venezuela) [11]. “All these initiatives emerge from the need of our
countries to meet their energy requirements by means of mutual collaboration and
complementariness of our human and material potentials as sovereign countries” [11]. Venezuela
had traditionally turned its back on its neighbors, ignoring the heritage it shares with the
Caribbean and Central America [12].
The plan of Petrocaribe is to serve as a “mechanism whereby countries of the region can
free themselves from the enormous difficulties in gaining access to energy resources which
heighten social inequalities and deteriorate the standard of living” [12]. “Under most contracts,
countries pay 40 percent of a bill in the first 90 days and finance the rest at a 1 percent interest
rate over 25 years” [13]. Rafael Ramirez stated that since 2005, the 18 member countries of
Petrocaribe have exchanged 255 million barrels of oil, representing 43% of the energy
requirements of the Caribbean [14]. “Venezuela sends 100,000 barrels of oil per day to
Petrocaribe at a cost of $4 billion, of which $2 billion is paid in cash and another $2 billion
through goods and services” [14]. If those oil shipments were instead sold on the open market,
economists say the foreign dollars earned would help ease pressure on the nation’s overvalued
currency, the bolivar [13]. “Sending oil to those countries is more financially beneficial to

6. Venezuela than shipments closer to home, where countries are repaying their debts in-kind
with products like black beans and chicken parts” [13]. Aside from what Venezuela might be
losing in the agreement, Petrocaribe doesn’t seem to be looked at as a long-term solution.
Trinidad & Tobagos’ Minister of Energy and Energy Affairs stated “The Venezuelan Petrocaribe
Initiative provided a partial and temporary solution for [regional energy needs] but this solution
is unlikely to be sustainable”, and Maduro’s uneven leadership style only adds to the uncertainty
over Petrocaribe’s future [13]. Given the current social and political unrest, Evanan Romero (an
energy consultant who served on the board of PDVSA until 1999) says that “Either they save
their own regime, or they keep doing what they’re doing, which is contributing oil wealth to
friends and associates and comrades. In that case, the whole thing [Petrocaribe] collapses” [13].
Supporters of Petrocaribe, however, argue “[it] reaffirms that direction, which we’re
consolidating as time goes on, but it does not at all mean that Venezuela is giving away its oil”
[15].
Looking further from its borders, Venezuela finds most of its customers for oil in the
United States, China, India, other Asian countries, and Europe [2]. Petrocaribe and Cuban
agreements account for more than 400,000 barrels/day of Venezuelan exports [2]. A large share
of exports go to the United States due to geographic proximity (which enhances profitability) and
because refineries on the U.S. Gulf Coast are specifically designed to handle heavy Venezuelan
crude [2]. However, Asia is quickly overtaking the U.S. as the top destination for Venezuelan oil
[16]. In 2013, Asia received around 1.04 million barrels/day, while exports to the U.S., Canada,
and Mexico fell to 879,000 barrels/day [16]. PDVSA stated that it is increasing shipments to
Asia as part of a strategy of market diversification, and the state-based oil company said the
region accounted for 41% of Venezuela’s oil exports in 2013 [16]. Venezuela has long

7. recognized (and wanted to break out of) its deep dependence on the U.S., and China’s increasing
energy needs did not go unnoticed by Chavez, who once said “China, the world’s second-biggest
oil user, needs energy security and we’re here to provide them with all the oil they need” [17].
Another main appeal for business with China is its cool detachment regarding the domestic
affairs of the countries it trades with, a fact the U.S. is not known for [17]. Venezuela also
reached an agreement with Sinopec for a $14 billion investment in the Orinoco Oil Belt for the
production of 200,000 barrels/day, showing China’s willingness to help Venezuela boost its oil
production [18].
Curiously, data shows Venezuela imported 83,000 barrels/day of oil byproducts from the
United States in 2013, including 19,000 barrels/day of finished gasoline [19]. Venezuela still
remains a net oil exporter, although exports are down nearly 50% after peaking at 3.06 million
barrels/day in 1997 [2].
Natural Gas
In 2012, Venezuela had 195 trillion cubic feet (Tcf) of proven natural gas reserves, the
second-largest in the Western Hemisphere behind the United States [2]. The majority of
Venezuela’s natural gas consumption comes from the petroleum industry, as a large share of gas
is re-injected to aid in crude oil extraction [2]. In 1999, Venezuela adopted a Gas Hydrocarbons
Law, which meant to diversify the economy by facilitating the development and expansion of
natural gas in Venezuela’s energy sector [2]. “This legislation allows private operators to own
100 percent of non-associated projects, in contrast to the ownership rules in the oil sector” [2].
90% of its natural gas reserves are associated (found along with oil reserves), so PDVSA doesn’t
have experience in producing non-associated gas [2]. To develop offshore gas, Venezuela would
need international partners due to this inexperience [2].

8. Venezuela has improved its 2,750 mile domestic natural gas transport to allow greater
domestic use and transportation of natural gas production with the 190 mile Interconnection
Centro Occidente (ICO) [2]. The ICO connects the east and west, making natural gas more easily
available for domestic consumers (and for re-injection into western oil fields) [2]. In 2008, the
Transguajiro Pipeline (also known as the Trans-Caribbean or Antonio Ricaurte Pipeline) came
online, connecting Venezuela with Colombia [2]. This pipeline originally allows Colombia to
export natural gas to Venezuela, but the flow of the pipeline will eventually be reversed,
allowing Venezuela to export natural gas to Colombia [2]. In 2006 Chavez said “that the ultimate
objective is to create an enormous network of pipelines traversing the entire continent connecting
the gas pipeline running through Venezuela, Brazil and Argentina with the one carrying gas
between Bolivia and Brazil and the Transguajiro conduit” [20]. The Venezuela-Brazil-Argentina
line will be around 6,200 miles in length and built between 2007 and 2017 [20].
Hydroelectric Power and Electricity
Nearly 75% of Venezuela’s electricity is generated by hydroelectric dams; the rest comes
from oil and natural gas [21]. The Guri Hydroelectric Power Plant is the largest of the dams, with
an installed capacity of 10,200MW—it is the third largest power plant in the world [22].
Construction of this dam began in the 1960s as a result of a government policy to minimize the
amount of energy produced from fossil fuels; a modernization program is currently being carried
out to extend the plant’s life by 30 years [22]. The completed plant was inaugurated in 1986, and
the majority of the country’s needs are met by this plant alone [22]. In January 2010, however,
the country’s overdependence on this power source became evident as water levels in the Guri
fell drastically and the country faced a power crisis [22]. In response to these problems, the

9. government suspended the generation of around 5,000MW of power, leading to widespread
blackouts [22].
Besides the Guri, Venezuela has three other hydroelectric power plants: the Macagua,
Caruachi, and Tocoma [23]. All four of these plants are located along the Caroní River. In 1963,
CVG Electrificaion del Caroni, C.A. (Edelca) was created to produce, transport, and
commercialize electric energy, and this company controls all of the projects in the Caroni [24].
“EDELCA believes harnessing the Caroní is saving Venezuela the equivalent of 750,000 barrels
of oil per day”, which allows for more exports [25]. The Tocoma Dam is the most recent, the
first units entered operation in 2012, with the other nine units to follow every three months [26].
The power from this dam is meant to go to the western regions of the country, which historically
suffer from a supply deficit [26]. The benefits of these four dams include “flood control and river
regulation, water storage and delivery (including irrigation), and most importantly, power
generation” [23]. Regulations ensure that each hydroelectric plant doesn’t exceed carbon dioxide
emissions of 50,000 parts per million, and the formulation of dangerous levels of methane is also
prohibited by law [23].
“For most of the 2000s electricity consumption expanded at more than twice the rate of
installed capacity, leaving the Venezuelan power grid stretched by the end of the decade” [2]. As
a result, Venezuela’s nationalized electricity company, Corpoelec, is working with Chinese
investors to upgrade the nation’s transmission and distribution system [21]. Facing an electricity
crisis, the government set out to reduce electricity use by 20% in 2010, but were only able to
achieve 3% reductions [27]. Because of the falling levels in Venezuela’s dams, during 2010
people outside of the capital Caracas faced power cuts for up to six hours a day [27]. These
recurring blackouts were further exacerbated as a result of underinvestment in generation,

10. transmission, and distribution infrastructure [21]. Polls showed “the majority of Venezuelans
blame his [Chavez’s] government for failing to invest in the sector despite rising demand” [27].
Since 1999, the government only invested $7.6 million in improving the national electrical grid
[28]. In 2012 the outgoing Minister of Electricity, Alí Rodriguez Araque, said “Venezuela’s
electricity grid will produce an additional 4,000 megawatts in 2012… generated by new and
renovated equipment” [28]. Currently blackouts still occur, but are random whereas before they
were announced. The majority of Venezuelan citizens agree on the expansion of the
hydroelectric power industry [23].
Renewables
Aside from hydroelectric power, Venezuela has good wind and solar energy potential.
Venezuela could install as much as 1,600 MW of wind power generation by 2015-2020, with its
northern coastal strip winds blowing an annual average of 8.9 meters per second [29]. However,
the government’s exact plans are unclear, and an industry source noted that things can move very
slowly in Venezuela, with a never-ending story of bureaucracy [29]. “The government needs to
stop sitting on its hands and get more serious about developing the wind sector if it wants to reap
any benefits from it” [29].
With regards to solar power, this potential remains largely untapped. Sembrando
Luz (“Sowing Light”) is a project based on the implementation photovoltaic power in rural,
indigenous and border communities, benefiting 375,000 inhabitants in over 1,200 communities
[30]. The program aimed to bring electricity to rural and isolated communities that weren’t
benefiting from the nation’s oil wealth [31]. In these communities, families “continue to live in
homes made of adobe walls with a basic wooden frame and a corrugated metal roof. The
community remains disconnected from the national electric grid, but now each and every family

11. enjoys basic electricity service to their home, powered by the sun” [31]. The project was split
into two phases: the first phase installed solar panels in the major hubs of community activity,
and the second phase installed a system for each family home, creating towns that are completely
solar powered [31]. Another plus is that since solar electric systems have real limits in output,
people will learn from the start to ration energy effectively instead of overusing it [31]. Because
of its socialized system, Venezuela could create a government mandate for the integration of
personal solar panels for commercial operations to lower total energy costs and reduce carbon
emissions—however, this possibility hasn’t been pursued by the current government [32].
Energy Efficiency Policies
The Venezuelan government has promoted many plans to increase and encourage energy
efficiency. The Rational and Efficient Use of Electric Energy was created to generate a cultural
change in Venezuelans regarding how they use their resources [33]. This program is relying
greatly on circulation and education to change views towards electricity use, citing that countries
like Brazil, Chile, and Mexico were able to achieve 30% consumption reductions through
campaigns of education and circulation [33]. The literature is full of tips from setting your air
conditioner to a higher temperature, to unplugging appliances when they aren’t in use, to buying
energy efficient appliances.
The government kicked off 2014 with new programs to save energy and consume it
efficiency. One program is the plan to substitute incandescent light bulbs for energy efficient
ones (including LED bulbs) [34]. Another involves replacing air conditioning units [34]. The
government simply asks for Venezuelans to be conscious of their electricity use, since
“maintaining the national electrical systems is expensive” [34]. Before this, the government-
funded social mission known as “Mission Energy Revolution” replaced over 100 million

12. incandescent light bulbs with fluorescent light bulbs [30]. From 2007 to 2013, the Simon Bolivar
National Plan promoted the use of alternative energy sources and promoted “green” energy [30].
The slogan for energy efficiency is “soy consciente, consume efficiente” (“I am conscious, I
consume efficiently”) [35]. “We are working on training children and young people to be
conscious of the rational use of energy, so that we can help moderate demand. We’re doing
something good for the country from the point of view of the economy and also the planet and
the environment” [35].
Country Comparison: Nigeria
Of the countries we discussed in class, Venezuela is most like Nigeria. Venezuela and
Nigeria both have large proven reserves of oil—Nigeria’s are the tenth largest in the world.
Although Nigeria’s population is six times that of Venezuela, Venezuela consumes three times
the oil for energy purposes (740,000 bpd vs. Nigeria’s 280,000 bpd) [36]. Nevertheless, both
countries are still net oil exporters. Their economies are closely tied to how much oil they export,
as 98% of Nigeria’s and 96% of Venezuela’s export earnings come from oil. Both countries are
members of OPEC. 40% of Nigeria’s exports go to the U.S., and until recently this same statistic
was also true for Venezuela. Both countries have high wind and solar potential, but haven’t
really taken advantage of this form of energy.
Both countries have heavily subsidized gasoline prices; Nigeria’s costs $2.5/gal while
Venezuela’s is at 5 cents/gal. These subsidies are actually causing their governments to lose
money, but efforts to end them have been unpopular. A notable example of this: when
Venezuelan President Carlos Andres Perez attempted to raise gas prices to decrease the country’s
deficit in 1992, future President Hugo Chavez led two coup attempts against his government,
with a lot of support from Venezuela’s poor. Currently, 31% of Venezuelans are below the

13. poverty line, as opposed to Nigeria’s 70% [36]. Further reflecting this difference in economic
welfare, Venezuela’s GDP per capita is around $12,700 while Nigeria’s is around $1,500 [36].
Venezuela and Nigeria both have elements of the resource curse, the seemingly
paradoxical theory that being resource rich can doom a country to being underdeveloped. Both
countries basically have a mono-economy based on oil, and their governments receive most of
their money from the revenue generated by exports. Because of this, governments are less reliant
on the people and taxes are generally low. Since taxes are low, citizens often feel less entitled to
critique the government because they feel disconnected from the political process. While these
characteristics are more prominent in Nigeria, they are certainly present in Venezuela as well.
Venezuela’s people seem to be demanding more from their government, especially given the
recent ongoing government protests, but corruption is still widespread in both countries.
Conclusion
Venezuela is a very energy rich country, producing large quantities of crude oil, natural
gas, and hydropower with large potentials for wind and solar power. It has the second largest
proven oil reserves in the world, and is the top exporter of oil in the Western hemisphere [2]. A
founding member of OPEC, Venezuela has an important role in the global market [2]. Initiatives
like Petroamerica and Petrocaribe provide oil to its neighbor countries for much lower prices,
and Venezuela has recently increased its exports to China [11, 17]. Energy efficiency is now
being encouraged, as the country is experiencing an energy crisis due to the decreasing water
levels in dams which provide nearly 75% of Venezuela’s electricity [21, 33]. Give its large oil
dependency and government corruption, Venezuela is most like Nigeria.

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