Professional Documents
Culture Documents
Marked by its quest for Democracy and for the sowing of the oil
Democracy
People´s
Institutions
Participation
Prudent Social
The Sowing of Oil
Nationalism Cohesion
Marked by its quest for Democracy and for the sowing of the oil
• Fairly Successful
Democracy • Populism / Poverty
• Egalitarianism
• Highly Successful
Prudent
• World Leaders
Nationalism
• Protection of rights
• Mixed results
The Sowing of Oil • Unsuccessful?
• Dutch disease
Reserves:
Contribution to GDP: 7 - 9%
Oil: 296.5 Billion certified
Largest private investor 513 Billion (USGS)
Local Content: 50 - 80%
Natural Gas: 195 TCF
Sustainable Development:
PDVSA 2010 (US$ bn)
Over 960 completed projects
178 GO´s and NGO´s Gross income: $94.9
8 states and 61 municipalities Social Contributions: $ 6.9
1.222.000 direct beneficiaries Net profits: $ 3.2
Investments and Oil Output
Operating Service Agreements and Association Agreements
1,6 8.000
1,0 5.000
Production MMBD
0,6 3.000
0,4 2.000
0,2 1.000
0,0 0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: AVHI
Migration Process to Mixed Enterprises (2006 – 2007)
+ New Mixed Enterprises (2008-2011)
32 Operational Service
Agreements
Organic Hydrocarbons Law: PDVSA
majority shareholder (+/-60%) and
operational control:
4 Association Agreements 32 OSA´s 21 Mixed Enterprises
Faja del Orinoco
4 SA´s 3 Mixed Enterprises
3 RSA´s 2 Mixed Enterprise
3 Exploration
and Risk Sharing 12 new ME´s
Agreements
Offshore Fields
Petroparia 60% SINOPEC ‐ INEPARIA (40%)
Petrosucre 74% ENI (26%)
Petroguiria 64% ENI ‐ INEPARIA (36%)
Onshore Fields
Petrozumano 60% CNPC (40%)
Petrolera Bielovenezolana 60% BELORUSNEFT (40%)
Petrolera Indovenezolana 60% ONGC VIDESH (40%)
Petrolera Vencupet 60% CUPET (40%)
* Russian National Consortium: Rosneft, Lukoil Oil Company, Gazprom, TNK-BP y Surgutneftegaz
2010: Analysis of the Mixed Enterprises:
strengths and weaknesses
2010: Analysis of the Mixed Enterprises
Strengths:
The model of the MEs has the functionality required to make the MEs successful if
it adhered to the terms agreed by the partners.
Enables the cross-sharing of best practices of the ME in the Faja through PDVSA.
Selection and
Human Talent Recruitment
Compensation Training
Operational
Supply Chain
Management
2010: Analysis of the Mixed Enterprises
Top Management
The proper functioning of the Board of Directors is key to the success of the ME.
The partners have much to contribute in the area of Project Management. Is one of the
Professional things they do best in the world. ME should take advantage of this.
Management The management and professional human talent must have continuity and should be
exclusively dedicated to the core business and their respective responsibilities.
Employees must feel that their primary responsibility is with the M.E.
Use of Best Partners can contribute to the Mixed Enterprises using their proven best practices
around the world in accordance to the contracts.
Practices
2010: Analysis of the Mixed Enterprises
Human Talent
MEs must hire the best capable person for each position.
Selection and
Recruitment Partners may contribute with highly qualified personnel.
Career
Human talent of ME should be developed with a long-term vision.
Development
2010: Analysis of the Mixed Enterprises
Financial Management
It
is essential that all partners jointly approve the ME Financial
Financial Statements for building trust.
Statements
It is necessary to close the 2008 financial statements.
2010: Analysis of the Mixed Enterprises
Operational Management
Fuente: PDVSA
New Projects in the Orinoco Oil Belt
Orinoco Oil Belt Mixed Enterprises
New Mixed Enterprises in Faja del Orinoco 2010
PETROJUNÍN PETROMIRANDA PETROURICA
Surgutneftegaz
Jogmeg Nat Co
JUNIN 2
CARABOBO 1 CARABOBO 3
Approval of Mixed Enterprise – Petromiranda
Between PDVSA and National Petroleum Consortium
(Gaceta Oficial No 39.393, 24 03 2010)
Source: PDVSA
Mixed Enterprises: Challenges for New Investments
Project Economics
Project Construction
Core Business
and Infrastructure
Capital Requirements in Faja del Orinoco
Production Total Investments
Partners Block
Target B/D (USD Million)*
PDVSA, Chevron, Mitsubishi, INPEX and
Carabobo 3 400,000 10,000‐15,000
Suelopetrol
PDVSA, Repsol, Petronas, ONGC, Oil India
Carabobo 1 400,000 10,000‐15,000
Limited and Indian Oil Corporation
PDVSA, Lukoil, Rosneft, Gazprom, TNK‐BP
Junín 6 450,000 24,000
and Surgutneftegaz
PDVSA, CNPC Junín 4 400,000 16,300
PDVSA, Eni Junín 5 240,000 17,000
PDVSA, Petrovietnam Junín 2 200,000 10,000‐11,000
* Expected
"We have investments of $80 billion, an increase of 2.09 million bpd, payments to
the government of $5.7 billion and substantial employment generation."
Rafael Ramírez – Minister of Energy and Petroleum
Presentation of PDVSA´s 2010 Financial Statement
July 26th 2011
Petrojunín and
ENI USD 2,000 Million
Petrobicentenario
100% 95%
91%
90% 87% 85%
80%
78%
80% 76%
73%
69%
70% 64%
60%
60% 55% 53%
50%
50% 45% 45%
40%
30%
20%
10%
0%
Norway
Average
US Offshore
Brazil
Algeria
Canada
United Kingdom
US Shale
Venezuela
Libya
China
Saudi Arabia
Angola
Colombia
Iraq
Russian Federation
Source: Ernst & Young, Oil and Gas Tax Guide 2010, Own Calculations
Investor Take (% of operating profit)
60%
55% 55%
50%
50% 47%
45%
40%
40%
36%
31%
30% 27%
25%
22%
20%
20%
15%
13%
9%
10%
5%
0%
Norway
Brazil
Average
US Shale
United Kingdom
Algeria
Libya
Canada
US Offshore
Venezuela
Iraq
China
Russian Federation
Saudi Arabia
Colombia
Angola
Source: Ernst & Young, Oil and Gas Tax Guide 2010, Own Calculations
Simulation of ME’s Net Proceeds
For new production, the new WPT is temporarily exempted only until the investment
12 is recovered. Afterwards, new WPT applies following the path of the orange curve.
10
8 New WPT Previous WPT
Non‐Cummulative
6
Net Proceeds (USD/Barril)
4
New WPT
Cummulative
2
0
35 45 55 65 75 85 95 105 115 125 135 145 155 165 175 185 195 205 215 225
‐2
‐4
‐6
‐8
Venezuelan Basket (USD/Barril)
Source: Ernst & Young, Oil and Gas Tax Guide 2010, National Registry, Own Calculations
AVHI Members Social Responsibility and
Sustainable Development Projects
Contributions to the development of Venezuela
1% of net income before IT to finance the Sustainable Development Plan of each Mixed
Enterprise.
1% of net income before IT to finance the National Fund for the Development of Sports.
Withholdings to suppliers through the schemes of “Social Fund” and “Social Support”,
according with the amount of the contract (“Programa EPS y EPPS”).
*Law of Special Contributions: for Venezuelan oil basket prices between 40$ and 70$, 20% of the incremental revenue; for
prices between 70$ and 90$, 80%; between 90$ and 100$, 90%; and for prices beyond 100$, 95% of the incremental income.
Contribución al Desarrollo Sustentable en Venezuela
Salud:
- Dotación de dispensario odontológico
- Programas de vacunación
Ambiente:
- Programas de siembra
LOCTI:
- UCAB
- Fundación Autismo en Voz Alta
- Fundación Maniapure
- IVIC
Inversión Social de Chevron Venezuela
Enfoque LOCTI
• Desarrollo Científico y conservación de especies marinas en costas venezolanas
• Avance en la Educación Superior en áreas de energía y Gas Natural (USB)
TOTAL
25.000 (*) 2.000.000 5.320.936 20.000
INVERSIÓN
GASTADO A 558.140
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LA FECHA
La reproducción total o parcial de esta presentación debe ser previamente autorizada por la Asociación Venezolana de Hidrocarburos
Contribución al Desarrollo Social en Venezuela
Educacion
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programa de voluntarios de empleados.
→ Impacto: más 300 estudiantes
Cultura
► Contribución al desarrollo de el Sistema de Orquestas
Juveniles e Infantiles de Venezuela.
► Dotación de sistema audiovisual Museo de Ciencias.
Ambiente
► Programa de Reforestación de Pinos Caribe
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Canaima.
PERENCO Y SU INVERSION SOCIAL EMPRESARIALCAMPO PEDERNALES
PERENCO
VENEZUELA
IMPACTO DE LA ACCIÓN SOCIAL 2007 - 2009
INDICADORES RESULTADOS
- Respeto y valoración de la
cultura warao
- Generación y aplicación de
estrategias para el desarrollo
sostenible