# Energy in Venezuela

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**Energy in Venezuela** is dominated by [fossil fuels](/source/Fossil_fuel), particularly [oil](/source/Oil) and [natural gas](/source/Natural_gas), while [hydropower](/source/Hydropower) plays a major role in the production of [electricity](/source/Electricity), with smaller contributions from [renewable sources](/source/Renewable_resource) such as [bio waste](/source/Biodegradable_waste). [Venezuela](/source/Venezuela) was one of the [world's largest producers of oil](/source/List_of_countries_by_oil_production), and the country with the [largest proven oil reserves in the world](/source/List_of_countries_by_proven_oil_reserves).Venezuela is a member of [OPEC](/source/OPEC).

## Overview

Energy in Venezuela[1] Capita Prim. energy Production Export Electricity CO2-emission Million TWh TWh TWh TWh Mt 2004 26.1 653 2,280 1,623 72.1 128 2007 27.5 741 2,138 1,381 84.6 144 2008 27.9 745 2,102 1,340 85.9 146 2009 28.4 778 2,367 1,503 89.5 155 2010 28.83 895 2,241 1,353 94.77 183.04 2012 29.28 816 2,335 1,506 97.73 159.22 2012R 29.96 888 2,318 1,405 101.88 178.28 2013 30.41 800 2,235 1,405 98.25 155.57 Change 2004-10 10.3% 37.0% -1,7% -16,6% 31.4% 42.6% Mtoe = 11.63 TWh, Prim. energy includes energy losses 2012R = CO2 calculation criteria changed, numbers updated

## Oil

See also: [Oil reserves in Venezuela](/source/Oil_reserves_in_Venezuela) and [History of the Venezuelan oil industry](/source/History_of_the_Venezuelan_oil_industry)

In 1878, a group of Venezuelan entrepreneurs founded the first [oil](/source/Oil) company in Venezuela[2]**.** Venezuela ranked 11th in the world for oil production in 2016; production has since fallen steeply.[3] The largest oil company is [Petróleos de Venezuela](/source/Petr%C3%B3leos_de_Venezuela) (PDVSA). Oil fields in the country include [Bolivar Coastal Field](/source/Bolivar_Coastal_Field), [Boscán Field](/source/Bosc%C3%A1n_Field), [Maracaibo Basin](/source/Maracaibo_Basin) and [Orinoco Belt](/source/Orinoco_Belt).

Oil production 2011-2021 (kb/d)[4]: 15 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2755 2704 2680 2692 2864 2566 2220 1631 1022 640 654

In 2023, Venezuela held the world's largest proven oil reserves at 303 billion barrels, accounting for 17% of global reserves, mostly [extra-heavy crude](/source/Heavy_crude_oil) from the [Orinoco Belt](/source/Orinoco_Belt). Despite this, production was only 0.8% of the global total, dropping to 742,000 barrels per day, a 70% decline from 2013. Production rose by 13% in 2021 and 18% in 2022 with help from [Iran](/source/Iran), [China](/source/China), and [Chevron](/source/Chevron_Corporation) after some sanctions were eased. [PDVSA](/source/PDVSA), the state oil company, faces issues like heavy government levies, underinvestment, mismanagement, and a lack of skilled personnel, reducing reinvestment and production. Venezuela's [oil exports](/source/List_of_countries_by_oil_exports) reached their peak in 1998 and have been in decline since.[5] Refineries operate below capacity due to maintenance issues and lack of feedstock. Venezuela relies on fuel imports from Iran and China due to domestic shortages. A territorial dispute with Guyana over the Essequibo region heightened tensions, but both countries agreed to seek a diplomatic resolution.[6]

Venezuela is expected to run out of [crude oil](/source/Petroleum) in 390 years, making it one of the countries that will be able to continue producing it after other countries run out of their oil resources. In Venezuela, fossil fuels account fr more than 80% of total [energy consumption](/source/Energy_consumption).[5]

## Natural gas

In 2023, Venezuela held 195 trillion cubic feet (Tcf) of [natural gas](/source/Natural_gas) reserves, making up 73% of [South America](/source/South_America)'s total. Most of this gas is associated with crude oil, with 80% produced as a [by-product](/source/By-product). Despite these vast reserves, much of Venezuela's natural gas is underutilized, used to support mature oil fields or flared due to inadequate infrastructure. Production peaked at 1.12 Tcf in 2001 but fell to 563 billion cubic feet (Bcf) by 2021, hampered by poor investment and lack of infrastructure. Domestic consumption peaked at 936 Bcf in 2015 but dropped to 563 Bcf by 2021 due to economic decline. Venezuela is a major [gas flarer](/source/Gas_flare), with flaring increasing fourfold from 2012 to 2021, reaching 706 Bcf in 2022. Government-regulated prices and subsidies keep natural gas prices below market rates, further limiting investment in the sector.[6]

Natural gas production 2011-2021 (billion cubic metres)[4]: 29 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 30.2 31.9 30.6 31.8 36.1 37.2 38.6 31.6 25.6 21.6 24.0

## Coal

In 2021, Venezuela held South America's fourth-largest [coal](/source/Coal) reserves, totaling 806 million [short tons](/source/Short_ton). The main coalfields are in [Zulia State](/source/Zulia), near the Colombian border. Coal plays a minor role in Venezuela's [energy mix](/source/Energy_mix), contributing 0.2% to total energy production and 0.1% to consumption. The coal industry faces challenges such as outdated infrastructure and limited investment, leading to a production decline of 16% annually from 2001 to 2021, after peaking at nearly 8.7 million short tons in 2000. By 2021, production was 174 thousand short tons, entirely bituminous coal. Most of Venezuela's coal is used domestically in industrial processes. Consumption peaked at 319,000 short tons in 2012 but dropped to 67,000 short tons by 2021 due to economic decline.[6]

Coal production 2011-2021 (Exajoules)[4]: 38 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.08 0.06 0.04 0.02 0.02 0.02 0.02 0.02 0.01 0.01 <0.005

## Electricity

[Caruachi Dam](/source/Caruachi_Dam), [Caroní River](/source/Caron%C3%AD_River) in [Bolivar state](/source/Bol%C3%ADvar_(state)), Venezuela (2006) 12 [TWh](/source/TWh)/year

Main article: [Electricity sector in Venezuela](/source/Electricity_sector_in_Venezuela)

### Hydroelectricity

[Hydro power](/source/Hydro_power) provided 74% of domestic electricity in 2008. Venezuela produced 87 TWh hydro power in 2008, 2.6% of the world total. Venezuela was top 8th in hydro electricity in 2008.[7] Venezuela's commitment to [hydroelectricity](/source/Hydroelectricity) was introduced in 1946 through the National Electrification plan and was approved by government officials in 1956.[8] Almost half of Venezuela's hydroelectricy comes from the [Guri dam](/source/Guri_Dam), which has a capacity of more than [10GW](/source/Watt).[9]

## Renewable Energy

Venezuela's increased their [renewable energy consumption](/source/Renewable_energy) to 30.13% in 2020, which added into the country's total energy consumption.[5] [Biofuels](/source/Biofuel) and [waste](/source/Waste) in Venezuela make up about 1.9% of renewable energy.[10]

## See also

- [Venezuela portal](https://en.wikipedia.org/wiki/Portal:Venezuela)
- [Energy portal](https://en.wikipedia.org/wiki/Portal:Energy)

- [List of renewable energy topics by country](/source/List_of_renewable_energy_topics_by_country)

- [Nuclear energy in Venezuela](/source/Nuclear_energy_in_Venezuela)

Wikimedia Commons has media related to [Energy in Venezuela](https://commons.wikimedia.org/wiki/Category:Energy_in_Venezuela).

## References

1. **[^](#cite_ref-IEA2015_1-0)** [IEA](/source/International_Energy_Agency) Key World Energy Statistics Statistics [2015](http://www.iea.org/publications/freepublications/publication/KeyWorld_Statistics_2015.pdf) [Archived](https://web.archive.org/web/20160304040322/http://www.iea.org/publications/freepublications/publication/KeyWorld_Statistics_2015.pdf) 4 March 2016 at the [Wayback Machine](/source/Wayback_Machine), [2014 (2012R as in November 2015](http://www.iea.org/publications/freepublications/publication/keyworld2014.pdf) [Archived](https://web.archive.org/web/20150405035039/http://www.iea.org/publications/freepublications/publication/keyworld2014.pdf) 5 April 2015 at the [Wayback Machine](/source/Wayback_Machine) + 2012 as in March 2014 is comparable to previous years statistical calculation criteria, [2013](http://www.iea.org/publications/freepublications/publication/KeyWorld2013.pdf) [Archived](https://web.archive.org/web/20140902105825/http://www.iea.org/publications/freepublications/publication/KeyWorld2013.pdf) 2 September 2014 at the [Wayback Machine](/source/Wayback_Machine), [2012](http://www.iea.org/publications/freepublications/publication/kwes.pdf) [Archived](https://web.archive.org/web/20130309143010/http://www.iea.org/publications/freepublications/publication/kwes.pdf) 9 March 2013 at the [Wayback Machine](/source/Wayback_Machine), [2011](http://www.iea.org/textbase/nppdf/free/2011/key_world_energy_stats.pdf) [Archived](https://web.archive.org/web/20111027013037/http://www.iea.org/textbase/nppdf/free/2011/key_world_energy_stats.pdf) 27 October 2011 at the [Wayback Machine](/source/Wayback_Machine), [2010](http://www.iea.org/textbase/nppdf/free/2010/key_stats_2010.pdf) [Archived](https://web.archive.org/web/20101011091637/http://www.iea.org/textbase/nppdf/free/2010/key_stats_2010.pdf) 11 October 2010 at the [Wayback Machine](/source/Wayback_Machine), [2009](http://www.iea.org/textbase/nppdf/free/2009/key2009.pdf) [Archived](https://web.archive.org/web/20131007042901/http://www.iea.org/textbase/nppdf/free/2009/key2009.pdf) 7 October 2013 at the [Wayback Machine](/source/Wayback_Machine), [2006](http://www.iea.org/textbase/nppdf/free/2006/key2006.pdf) [Archived](https://web.archive.org/web/20091012043312/http://www.iea.org/textbase/nppdf/free/2006/key2006.pdf) 12 October 2009 at the [Wayback Machine](/source/Wayback_Machine) [IEA](/source/International_Energy_Agency) October, crude oil p. 11, coal p. 13 gas p. 15

1. **[^](#cite_ref-2)** Pietrosemoli, Licia; Rodríguez-Monroy, Carlos (1 May 2019). ["The Venezuelan energy crisis: Renewable energies in the transition towards sustainability"](https://www.sciencedirect.com/science/article/pii/S1364032119301078). *Renewable and Sustainable Energy Reviews*. **105**: 415–426. [doi](/source/Doi_(identifier)):[10.1016/j.rser.2019.02.014](https://doi.org/10.1016%2Fj.rser.2019.02.014). [ISSN](/source/ISSN_(identifier)) [1364-0321](https://search.worldcat.org/issn/1364-0321).

1. **[^](#cite_ref-3)** ["Venezuela's Oil Production Set for Another Drop"](https://oilprice.com/Energy/Crude-Oil/Venezuelas-Oil-Production-Set-For-Another-Drop.html#).

1. ^ [***a***](#cite_ref-:122_4-0) [***b***](#cite_ref-:122_4-1) [***c***](#cite_ref-:122_4-2) ["bp Statistical Review of World Energy"](https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-full-report.pdf) (PDF). *www.bp.com* (71st ed.). 2022. Retrieved 19 June 2024.

1. ^ [***a***](#cite_ref-:03_5-0) [***b***](#cite_ref-:03_5-1) [***c***](#cite_ref-:03_5-2) Nahrin, Rifat; Rahman, Md. Hasanur; Majumder, Shapan Chandra; Esquivias, Miguel Angel (18 January 2023). ["Economic Growth and Pollution Nexus in Mexico, Colombia, and Venezuela (G-3 Countries): The Role of Renewable Energy in Carbon Dioxide Emissions"](http://web.archive.org/web/20240420110804/https://www.mdpi.com/1996-1073/16/3/1076). *Energies*. **16** (3): 1076. [doi](/source/Doi_(identifier)):[10.3390/en16031076](https://doi.org/10.3390%2Fen16031076). [ISSN](/source/ISSN_(identifier)) [1996-1073](https://search.worldcat.org/issn/1996-1073). Archived from [the original](https://www.mdpi.com/1996-1073/16/3/1076) on 20 April 2024.

1. ^ [***a***](#cite_ref-:0_6-0) [***b***](#cite_ref-:0_6-1) [***c***](#cite_ref-:0_6-2) ["Venezuela analysis"](https://www.eia.gov/international/analysis/country/VEN). *www.eia.gov*. 8 February 2024. This article incorporates text from this source, which is in the [public domain](/source/Public_domain).

1. **[^](#cite_ref-IEA2010_7-0)** [IEA Key energy statistics 2010](http://www.iea.org/textbase/nppdf/free/2010/key_stats_2010.pdf) [Archived](https://web.archive.org/web/20101011091637/http://www.iea.org/textbase/nppdf/free/2010/key_stats_2010.pdf) 11 October 2010 at the [Wayback Machine](/source/Wayback_Machine) Page: Country specific indicator numbers from page 48

1. **[^](#cite_ref-8)** León-Vielma, J. E.; Ramos-Real, F. J.; Hernández Hernández, J. F. (1 August 2022). ["The collapse of Venezuela's electricity sector from an energy governance perspective"](https://www.sciencedirect.com/science/article/pii/S0301421522002348). *Energy Policy*. **167** 113009. [doi](/source/Doi_(identifier)):[10.1016/j.enpol.2022.113009](https://doi.org/10.1016%2Fj.enpol.2022.113009). [ISSN](/source/ISSN_(identifier)) [0301-4215](https://search.worldcat.org/issn/0301-4215).

1. **[^](#cite_ref-9)** Hambling, David (30 March 2016). ["Hydro power falters in persistent drought"](https://www.theguardian.com/news/2016/mar/30/weatherwatch-hambling-venezuela-hydroelectric-dam-guri-dry-reservoirs-colombia). *The Guardian*. [ISSN](/source/ISSN_(identifier)) [0261-3077](https://search.worldcat.org/issn/0261-3077). Retrieved 19 March 2026.

1. **[^](#cite_ref-10)** ["Venezuela - Countries & Regions"](https://www.iea.org/countries/venezuela/renewables). *IEA*. Retrieved 19 March 2026.

v t e Energy in South America Sovereign states Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela Dependencies and other territories Falkland Islands French Guiana South Georgia and the South Sandwich Islands

v t e Energy policy of South America Sovereign states Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela Dependencies and other territories Falkland Islands French Guiana South Georgia and the South Sandwich Islands

v t e Energy in the OPEC countries and primary energy 2008 (TWh) Iran 2,350 Saudi Arabia 1,879 Nigeria 1,293 Venezuela 745 United Arab Emirates 680 Algeria 431 Iraq 395 Kuwait 306 Qatar 281 Libya 212 Angola 128 Ecuador 120

v t e Renewable energy by country and territory Africa Democratic Republic of the Congo Egypt Ethiopia Kenya Morocco Nigeria Seychelles South Africa Asia Afghanistan Bangladesh Bhutan Brunei China India Indonesia Israel Japan Kazakhstan Malaysia Nepal Pakistan Palestine Philippines Saudi Arabia South Korea Taiwan Thailand Vietnam Europe European Union Austria Czech Republic Cyprus Denmark Finland France Germany Greece Hungary Ireland Italy Lithuania Luxembourg Malta Netherlands Poland Portugal Spain Sweden Albania Armenia Belarus Iceland Kosovo Norway Russia Switzerland Turkey Ukraine United Kingdom Scotland North America Canada Costa Rica Honduras Mexico United States Oceania Australia Cook Islands French Polynesia New Zealand Tuvalu South America Argentina Brazil Chile Colombia Portal Category

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Adapted from the Wikipedia article [Energy in Venezuela](https://en.wikipedia.org/wiki/Energy_in_Venezuela) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Energy_in_Venezuela?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.