Venezuela: 10 years of oil sovereignty

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10 years ago was the nationalization of the Orinoco Belt | Photo: pdvsa.com

The Venezuelan Government with the front Commander Hugo Chávez may 1, 2007 completed nationalization of the Orinoco oil Strip (FPÖ) and conventions of exploration risk and profits shared, in order to put an end to the process of privatization of the oil industry, started during the Decade of the 1990s.
With the oil nationalization, joint ventures were created which stopped the process of privatization, a hard-hitting action of the Venezuelan Government.
Roberto Ramírez, named at that time by Chavez, President of Petroleos de Venezuela, S.A. (PDVSA), public company for this action “was marked by the strategic objective of regain sovereign control of our natural resources, oil and Gas, under control of the State as a representative of the collective interest of the people.”
> Pdvsa cancelled 2,557 million bond 2017 dollars which became “our reserves, territory, operations control, recover what was delivered to transnational corporations during the oil opening, refounding the new PDVSA to PDVSA as a company of the village, at the service of the interests of the State,”, said the ex-Minister of energy and mines, in an article published in the digital portal Club.
The data: A comparative study published on 16 November 2015 by Petroleum Intelligence Weekly (PIW) reflected that PDVSA occupies the fifth position among the largest companies in the oil business worldwide. The study is based on the combination of operational criteria that includes reserves, production, refining and sales.
 
FPO, biggest reserve of hydrocarbons in the world the Fajã oil from the Orinoco Hugo Chávez Frías, represents the planet’s largest reservoir of hydrocarbons. Only in the year 2008 the production of crude oil in Venezuela was the tenth highest in the world with 2 394 000 barrels per day, becoming the eighth NET the world’s largest oil exporter.
 

“Venezuelans didn’t have until today access to the operational control of our oil and improvement processes, which will depend on this century and the next.”  Commander Hugo Chávez, may 1, 2007.

Before being nationalized, the FPÖ was seen as a source of bitumen, a hydrocarbon semi solid and highly viscous, which was commercialized in the international markets the price of coal (a quarter of the value of crude oil).
However, thanks to led nationalization by Hugo Chávez held in 2007 and the implementation of the Magna reserve project, was possible to quantify and certify crude oil reserves present in the territory, which today are located at 297.570 million barrels.

Only in revolution was materialized the nationalization of oil in the Orinoco Belt #10anosfajasoberana pic.twitter.com/70MswXK5bQ – Eulogio del Pino (@delpinoeulogio) 1 may 2017 according to the Ministry of energy and mines the oil production has been increasing. Only in the past year rose from 20 thousand barrels to 30 thousand barrels for days, figure that has made it possible to capture of 300 billion dollars of oil income for the benefit of all Venezuelans.
> Venezuela and Trinidad and Tobago will build gas pipeline revenues of oil income are arranged for financing of health, food, investments, roads and the creation of various funds and different social missions.
Data: between 2001 and 2011, PDVSA allocated 123.499 million to the development of social programs, while prior to 1999 the average contributions for this concept was 30,000 million dollars.
 
The goals of the Plan of the homeland strategies of production of PDVSA and the policies in the field of hydrocarbons are based on the law of the Plan of the nation and its results will be screened for the year 2019.
Among the goals: increase crude oil production to 6 000 million barrels per day (BPD), of which 4,000 will come from the FPÖ Hugo Chavez.

Nationalization of the FPÖ ended the oil opening, which handed over control of our resources to transnational #10anosfajasoberana pic.twitter.com/ECkvS5ssDi – Min. PP oil (@MinPetroleoVE) 1 may 2017 extend and deepen the strategy of market diversification with a goal of crude oil export estimated 1,335 MBD for the area of Latin America and the Caribbean and 3,162 MBD to Asia, especially China, India and Japan.
> American oil companies plan legal attack against PDVSA extend the coverage of the methane gas distribution network to reduce the consumption of liquefied petroleum gas and provide better quality of life, decrease environmental pollution. Expected that through laying 8.625 km of pipes and 16.818 km of internal lines 728.900 families will benefit.
Action of nationalizing the Venezuelan oil industry, enabled the country to recover property, operational capabilities, income, price, the fiscal framework, exports and the sovereignty to decide production and sales targets. It was restoring the role of Venezuela with its own resources and benefit the people with their results.