Figure 1: Venezuela oil production

Figure 2: US Gulf coast imports

'000 b/d

($/b)

3,500

20

3,000

7,000
15

2,500

6,000
5,000

2,000
10
1,500

4,000
3,000

1,000

500

2,000
1,000

Heavy+Extra Heavy

Light

Medium

Condensate

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

19981999
19992000
20002001
20012002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1998
20122013
20132014
2014
1998

'000 b/d
8,000

Cost of production ($/b) RHS

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Venezuela

Canada

Saudi Arabia

Mexico

Colombia

Opec Africa

Russia

Other

Source: PdV

Source: Energy Information Administration

Figure 3: Venezuela 2014 oil exports

Figure 4: PdVs debt

PdV debt ($billion)

US (40%)
Cuba (4%)
Curacao (10%)
Other Caribbean/C. America (2%)
Uruguay (1%)
Europe (6%)
China (13%)
India (22%)
Other Asia (2%)

50
40
30
20
10
0

Source: PdV

2010

2011

2012

2013

2014

Source: PdV

Table 1: Key Orinoco projects

Block
PetroMacareo
PetroUrica
PetroJunin
PetroMiranda
PetroCarabobo
PetroIndependencia
PetroVictoria
Source: PdV

Partners
PdV (60%), PetroVietnam (40%)
PdV (60%), CNPC (40%)
PdV (60%), Eni (40%)
PdV (60%), Rosneft (32%), Gazprom (8%)
PdV (71%), Repsol (11%), ONGC (11%), IOC & OIL (7%)
PdV (60%), Chevron (34%), Mitsubishi & Inpex (5%), Suelopetrol (1%)
PdV (60%), Rosneft (40%)

Est. Peak Production Capacity (b/d)

200,000
400,000
240,000
450,000
400,000
400,000
400,000