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Venezuela Oil Industry plays an important role in promoting the growth of not only the industrial sector but of the economy as a whole. The oil industry of Venezuela is one of the most crucial and booming industries. Venezuela is one of the founding members of OPEC.
Importance of the Oil Industry of Venezuela
The importance of the Oil Industry of Venezuela can be well illustrated from the fact that it accounts for almost one third of the annual Gross Domestic Product of Venezuela. Venezuela is one of the important producers and exporters of oil in the world. Venezuela Oil Industry stands in the sixth position in the world so far as oil reserve is concerned. Venezuela oil is mainly processed out of the Orinoco River’s basin and of the eastern basin of Venezuela.
Important Oil Companies of Venezuela
Petróleos de Venezuela, S.A is the most important oil company of Venezuela. Venezuela Oil Industry highly depends on this state owned company for achieving its goals. Major portion of oil being produced and exported by Venezuela, comes from Petróleos de Venezuela, S.A.
However, Venezuela Oil Industry also consists of some other important privately owned companies, which also makes significant contributions. Exxon Mobil's, France's Total SA, BP PLC, and Norway's Statoil ASA are some of the other important companies operating in Venezuela.
Venezuela Oil Industry has grown impressively over the years. Venezuela Oil Industry is the major supplier of oil to the whole of United States.
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