oil extraction plant s in venezuela

                                               
                                               
                                               
                                               
                                               
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  • Who sown the seeds of Venezuela's oil-sector destruction?
  • The seeds of Venezuela¡¯s oil-sector destruction were sown by Chávez and watered by Maduro. The consequences of Venezuela¡¯s crumbling oil infrastructure are both varied and severe.
  • What is the largest oil reservoir in Venezuela?
  • Venezuela is blessed with numerous heavy-oil reservoirs, but none compare to the largest accumulation of heavy and ultraheavy oil in the world ¨C the 55,000 square kilometer (21,240 square mile) Orinoco heavy oil belt, also known as the Faja.
  • Where does Venezuela's oil come from?
  • Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt. The extraction of extra-heavy crude oil requires a higher level of technical expertise, which international oil companies possess but their involvement has been limited by international sanctions.
  • How did the Hydrocarbons Law affect Venezuela?
  • In 1943, the government passed the Hydrocarbons Law, which required oil companies to turn over 50 percent of their profits to the Venezuelan state. During this period, Venezuela was the world¡¯s third largest oil producer, trailing only the Soviet Union and the United States.
  • How is natural gas used in Venezuela?
  • Venezuela's natural gas reserves are still underutilized, and a large portion of the country's current natural gas output is used to supplement the output of mature oil fields rather than sold to generate revenue.24 A portion of this natural gas (about 30%) is reinjected into oil fields to increase crude oil production.
  • When did oil production peak in Venezuela?
  • Oil production peaked in the late 1990s and early 2000s. In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m 3 /d) and the country was also the eighth-largest net oil exporter in the world.