Venezuela Energy Outlook

Embassy of the Bolivarian Republic of Venezuela
Venezuela Energy Outlook
TAXATION SYSTEM, MACROECONOMIC AND ENERGY OUTLOOK, INDUSTRIAL AND EXCHANGE POLICY IN VENEZUELA
Bolivarian Hall Washington, DC October 31st, 2006

Embassy of the Bolivarian Republic of Venezuela

Growing Gap Between Global Demand and Non-OPEC Supply
120,000

120,000

Daily Production (mbopd)

100,000

The Growing Differential Between Non-OPEC Supply Capacity and Global Demand

100,000

80,000

80,000

60,000

60,000

40,000

40,000

20,000

Non OPEC Crude Oil Non-OPEC Oil Sands 1.8% Grow th

Non-OPEC NGL 1.1% Grow th 2.4% Grow th

20,000

0
8 19 5 87 19 8 19 9 91 19 93 19 95 19 97 19 99 20 0 20 1 03 20 05 20 07 20 09 20 11 20 1 20 3 15 20 1 20 7 19 19

0

Source: PFC Energy, 2006

Embassy of the Bolivarian Republic of Venezuela

Venezuela Oil & Gas Business Objectives

• Increase and monetize Venezuela’s reserve base • Enhance Venezuela’s capabilities in