pdvsa board of directors

. Under this narrower interpretation, it is irrelevant whether the National Assembly approved the 2020 Bonds because all of the corporate formalities needed to validly issue a securityapproval by the board of directors, approval by the shareholders, etc.appear to have been followed. Exeario Boscn is a All of this suggests that the applicable choice-of-law rule may not be the one laid down in Section 5-1401. The Eleventh Circuit affirmed because the district court could not grant the motion without addressing a nonjusticiable political question. Finally, the district court noted the virtual absence of any New York case law supporting the broad interpretation of the validity favored by the plaintiffs. HECTOR ANDRS OBREGN PEREZVICE PRESIDENTEXECUTIVE, LUIS ENRIQUE MOLINA DUQUE VICE PRESIDENT OF EXPLORATION & PRODUCTION, LEYLI BEATRIZ FERRER AVENDAOVICE PRESIDENT OFPLANNING AND ENGINEERING, HEIFRED JHOSELIN SEGOVIA MARRERO VICE PRESIDENT OF FINANCE, GNESIS SABRINA RON SOLANOVICE PRESIDENT OF INTERNATIONAL COMMERCE AND SUPPLY, JUAN CARLOS DAZ SOCORROVICE PRESIDENT OF COMMERCE AND SUPPLY, GUSTAVO ADOLFO BOADAS DAZ VICE PRESIDENTOF REFINING, JUAN VICENTE SANTANA MIGLIACIN VICE PRESIDENT OF GAS, RONNY RAFAEL ROMERO RODRGUEZVICE PRESIDENT OF INTERNATIONAL AFFAIRS, YURBIS GMEZ EXTERNAL DIRECTOR RICARDO LEN EXTERNAL DIRECTOR SIMN ZERPA DELGADO EXTERNAL DIRECTOR WILLS RANGEL EXTERNAL DIRECTOR RICARDO MENNDEZ PRIETO EXTERNAL DIRECTOR. During the administration of Rafael Caldera the initiative in oil matters shifted from the executive to congress, which increased corporation taxes on oil business and allowed the government unilaterally to determine reference prices for crude oil. A recent decision in the U.S. Court of Appeals for the Second Circuit, Petrleos de Venezuela S.A. v. MUFG Union Bank, N.A., is a case in point. These discoveries will have a profound impact on the country's crude export mix, as the Monagas prospects, which currently produce 80,000 barrels per day of light oil, are expected to reach plateau production--the stable production period before the field declines--of 500,000 barrels per day in 1994. The fate of the 2020 Notesand the billions of dollars those notes representis now in the hands of the New York Court of Appeals. That sum is just part of $21.2 billion that PDVSA holds in commercial accounts receivables - including $3.6 billion that are potentially unrecoverable - Reuters disclosed last week. The risk remains high as long as there are two parallel governments. Citgo operating chief Edgar Rincon also stepped down from the board of Citgo Holding, according to a statement by the Guaido-led assembly. If the notes were not validly issued, they are not binding on PDVSA, and the CITGO assets may not be seized by the noteholders in the event of default. PDVSA products from the installations of the Isla refinery have been confiscated. Under the Hydrocarbon Law, every agreement for PDVSA to cede exploration and production rights is illegal and unconstitutional. Board of Directors; La Junta Directiva; Jobs, Internships, and Fellowships; (PDVSA). WebPDVSA President Board and Advisor Roles Number of Current Board & Advisor Roles 2 Number of Past Board & Advisor Roles 1 Ronald Pantin holds 2 board and advisor roles as Executive Director at Frontera Energy Corporation and Member of Board of Directors at CGX Energy. Unlike the 2017 Notes, the 2020 Notes were secured by a pledge of a 50.1% equity interest in CITGO Holding, Inc. (CITGO). Autol - Calahorra Motorway (LR-282) Km 7,Calahorra (La Rioja) - info@torremaciel.com - +34 941163021 - +34 941163493. Orimulsion is a rival product to coal and according to PDVSA is not intended to compete with heavy fuel oil. Section 5-1401 states that it shall not apply to any contract to the extent provided to the contrary in . Additional reserves from the Orinoco oil belt have also contributed to the company's reserves. The attempt is yet another effort paid by corrupt thugs to eraseinformation about their criminal activities. These appointments are relevant as the ad-hoc board of directors controls the most important assets of the oil company abroad, including the subsidiary Citgo Petroleum Corp., located in the United States. CITGO is owned by PDVSA through a series of subsidiaries and is considered by many to be the crown jewel of Venezuelas strategic assets abroad. Brussels; Chicago; Denver; Doha; Indianapolis; London; Los Angeles; New York He is also the Respondents' fact witness for oil production issues for the purposes of their quantum . As the highest governing body of the company, the shareholder meeting is the ultimate authority over the direction and administration of PDVSA. Petrleos de Venezuela, S.A. Avenida. GPB and large institutional creditors (banks) were dealt with, while Neste's 49% -which had written off its Nynas' stake- was acquired by a shell calledBitumina Industried Ltd, whichwouldfile for bankruptcy in London shortly after. On the contrary, Guaid mainly brings upside risk to the Venezuelan debt, even after an orderly debt restructuring process that guarantees payments to debt holders and access to financial markets for the Venezuelan reconstruction. The Venezuelan PDVSA The government of Hugo Chvez (1999-2013) tried to recover PDVSA in a process of confronting the coup attempts carried out, for example, with the oil strike in 2003. On the other hand, the term validity may be interpreted to refer only to the corporate law of Venezuela. https://conflictoflaws.net/News/2020/08/CoL_Banner-1.png, The Billion-Dollar Choice-of-Law Question, PhD/Research Assistant Position at the University of Cologne. "pdvsa." It is PDVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal and other local court orders. The lack of any such cases cut against giving the term a broad interpretation. . PDVSA's oil would be marketed through the major international oil companies Exxon, Shell, and Gulf, thus guaranteeing the company a stable market share. PDVSA operates under broad policy guidelines issued by the government. The publication is available to members of the Dialogues Corporate Programand others by subscription. 6.740, the President of the Bolivarian Republic of Venezuela, Nicols Maduro, appointed Pedro Rafael Tellechea Ruiz as Minister of Popular Power for Petroleum. The company pays royalties, and income taxes are based on the export values of the oil and products sold. the members of its board of directors, are as follows: Ali Rodriguez Araque: Designated PDVSA President in April 2002, Rodriguez has a . As president of the National Assembly, he has assumed the powers of interim president in accordance with Article 233 of the Venezuelan Constitution, given the end of the presidential term and the illegitimate elections held last May. On March 21, 2023, by decree No. The numerical value of pdvsa in Chaldean Numerology is: 4, The numerical value of pdvsa in Pythagorean Numerology is: 8. To what extent are investors seeing Venezuelan debt as a good deal, and to what extent will U.S. sanctions affect trading? The Second Circuit was called upon to decide whether to apply the law of New York or the law of Venezuela to determine the validity of certain notes issued by a state-owned oil company in Venezuela. Chinas Foreign Exchange Regulations and Illegality in Private International Conference & call for papers Sustaining Access to Justice, Relevance of Indian Limitation Law vis--vis Foreign-seated International Arbitration With Indian Law As The Applicable Substantive Law. Javascript is not enabled on your browser. Heifred Jhoselin Segovia Marrero, vice president of finance. The court began its analysis by observing that the strongest argument in support of a broad interpretation is based on plain language. Wilhelm Belloso and Andrs Arvelo Guerrero also joined the PDV Holding ad-hoc board that oversees Citgo. It has activities The court affirmed because the district court could not grant the motion without addressing a nonjusticiable political question. Citgo's current administration has never been opposed to paying dividends to its shareholder, the company said in a statement. The major foreign oil companies were attracted to the country because of the expectation of large oil deposits, the country's relative political stability compared to the rest of Latin America at the time, and the favorable terms offered for the exploration of the country's oil resources. 9-13/09/2014. It is understood to encompass the many reasons why a contract may not be enforceable as a matter of contract law. From a European perspective, this case would seem to be, at first sight, about the interpretation of the scope of an overriding mandatory provision, which should obviously trump any choice of law clause concluded by the parties. With the stakes in mind, let us now turn to the applicable choice-of-law rules. PDVSA's first downstream venture outside Venezuela took place in West Germany in 1983 when it entered into a joint venture partnership with Veba Oel to supply 155,000 barrels of oil per day. Venezuelan businessman Luis Giusti Lugo, the son of a former PDVSA president, will replace CEO Jorda on the Citgo Petroleum board, while Ernesto Hernndez Bolvar will replace Pablo Prez on the same board, the statement said. The Eleventh Circuit affirmed the district courts ruling denying intervenors motion to reopen and substitute on behalf of Petrleos de Venezuela in their claims alleging conspiracy, antitrust, cybercrime, and fraud claims against various individuals and entities. In October 2018, Maduro decreed that the following individuals would comprise the board of PDVSA: Manuel Salvador Quevedo Fernndez; Miguel Jos Quintana Castro; Rodolfo Enrique Jimnez Jimnez; Jos Alejandro Rojas Reyes; Nemrod Antonio Contreras Mejas; Marcos Alejandro Rojas Marchena; Fernando Manuel de Quintal Rodrguez; Yurbis In my view, the 2020 Notes were invalid ab-initio due to the lack of Assembly approval as required by Article 150, irrespective of corporate law compliance. Finally, I discuss the choice-of-law question that lies at the heart of the case. Maduro's regime is insisting in the oil industry's de-facto privatization, which is aggravating its collapse. PDVSA operates under broad A lot. The original 14 operating subsidiaries were integrated in 1977 into four major companies, Lagoven, Maraven, Meneven and Corpoven. Get instant definitions for any word that hits you anywhere on the web. STANDS4 LLC, 2023. PDVSA supplies local markets through its four main operating subsidiaries, Lagoven, Maraven, Meneven, and Corpoven, which operate supply depots and about 1,600 petrol stations. At meeting 2016-07 on May 2, 2016 the Board of Directors approved changes to the Executive Committee it is now composed of the president of Petrleos de Venezuela, S.A. as president of the committee, and the executive vice president and internal directors as members. U.S.-based executives of Citgo may recognize the new board and cooperate in an effort to avoid a PDVSA-bond default. We are leaving to the Expo in CHINA, so it's time to pack the bags to bring a little bit of La Rioja and our house on the other side of the world. On November 28, 2017, by decree N 3180, published in Official Gazette N 41288, the President of the Bolivarian Republic of Venezuela, Nicols Maduro, names citizen Al Rodrguez Araque, Honorary President of the State Company Petrleos de Venezuela, S.A., PDVSA. This term validity is not generally understood to refer solely to corporate formalities. PDVSA supplies the domestic market with approximately 335,000 barrels per day of petroleum products, which represent approximately 20% of total production. PDVSA reserved the right to reduce the volume of oil placed in this manner by 10% after the first year, and by 20% in the second year. It has just under 800,000 barrels per day of refining capacity and leases a 300,000-barrels-per-day refinery in Curacao in the Dutch Antilles. In its first year of operation, PDVSA received net income of US$825.6 million, increasing to US$1.88 billion in 1977, but with the decline in oil prices the company's net income also suffered, falling to US$731 million in 1988. Definitions.net. The court first quoted the following language from the Prefatory Note to Article 8: [Article 8] deals with the mechanisms by which interests in securities are transferred, and the rights and duties of those who are involved in the transfer process. Commercial marketing of the fuel has started at a modest level of 20,000 barrels per day, but could reach 600,000 barrels per day by the middle of the decade. The Maduro governments inconsistent macroeconomic policies resulted in a significant GDP contraction and hyperinflation before any significant U.S. sanctions were in place, so the latest sanctions (including those on PDVSA) just complicate an already difficult outlook for Venezuelan debt holders. It held that the 2020 Notes were valid and enforceable and that the defendant trustee was entitled to judgment in the amount of $1.68 billion. As President of PDV Holding, Inc., Samuel Wilhelm is an experienced global oil and gas business Exeario Boscn. The underlying action, brought by a litigation trust on behalf of Petrleos de Venezuela, alleged conspiracy, antitrust, cybercrime, and fraud claims against various individuals and entities. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. PDVSA's proved reserves rose from 18.2 billion barrels in 1976 to 58.35 billion barrels in 1989. A default on those bonds would place the refiners equity ownership at the center of foreclosure battles involving bondholders, both Venezuelan presidents and Rosneft, which holds half of the Citgo-collateralized PDVSA bonds. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It sought a declaration that the entire bond transaction is void and unenforceable because it was never approved by the National Assembly. At the same time it was felt that the companies--which would lose their concessions at a given date--were not investing enough to maintain their equipment and fields in working order, and without any guarantees of future profits the companies would disinvest and hand over the concessions in 1983, when the concessions expired, in a poor state. at Transnational Litigation Blog in the weeks and months ahead. Finally, we can read about how these great companies came about with Company Histories.. June 1 (Reuters) - Venezuela's political opposition on Tuesday approved the replacement of members of the boards overseeing Citgo Petroleum Corp as factions in the movement led by Juan Guaido try to gain greater influence over Houston-based oil refiner. The plan also includes the privatization of the many companies nationalized during the Chvez and Maduro governments, stopping the monetization of the fiscal deficit by the Central Bank and strengthening its autonomy. In 2016, Venezuelas state-owned oil company, Petrleos de Venezuela, S.A. (PDVSA) approved a bond exchange whereby holders of notes with principal due in 2017 (the 2017 Notes) could exchange them for notes with principal due in 2020 (the 2020 Notes). Petrleos de Venezuela, S.A. (PDVSA), is a national company strongly committed to the Venezuelan people. Aside from preferential "subordinated hybrid instruments (treated as equity)"and 49% stake,remaining 35% inNynsstiftelsen and 15% in PDVSA (PDV Europa B.V.), must have gottendiluted somehow: PDVSA no longer has a seat on Nynas' Board. Initial exports started at 500,000 tons but are expected to reach 6.5 million tons by 1995. The National Assembly of Venezuela refused to support the exchange. The prices of Venezuelan government bonds rallied after National Assembly President Juan Guaid declared himself the countrys legitimate president and won official recognition from numerous countries, including the United States. The rest was owned by Finland's Neste group. The opposition has moved to appoint a new board of directors for Citgo. section 1-301 of the Uniform Commercial Code. Section 1-301(c) states that if N.Y Commercial Code Section 8-110 specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified. Section 8-110(a), in turn, states that [t]he local law of the issuers jurisdiction . Following the Bolivarian Revolution, PDVSA was mainly used as a political tool of the government. We're doing our best to make sure our content is useful, accurate and safe.If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. His partner Betancourt, is part of several ongoing criminal probes. 4.789, published in Official Gazette No. The publication is available to members of the Dialogues. WebGiven the current political situation in Venezuela, the PDV Holding board was elected by the ad hoc Board of Directors of PDVSA which was appointed by, and now accountable to, You already receive all suggested Justia Opinion Summary Newsletters. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The El Tablazo plant produces olefins, caustic soda, and chlorine, which are sold to other nearby industries. What do the election results mean for President Nicols Maduro and his grip on the presidency? Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. Board of Directors shall be composed of no less than seven and no more than eleven members appointedby presidential decree for an initial term of two years, renewable for equal terms or until a new Board of Directors is appointed. In a lengthy decision decided on October 16, 2020, the U.S. District Court for the Southern District of New York (Judge Katherine Polk Failla) concluded that the term validity should be given a narrow interpretation and that New York contract law governed the issue of validity. Webpdvsa | 2,571 followers on LinkedIn. Olmeta was vice president of Citgo and Luis Urdaneta was a vice president of PDVSA in the 1990s, while Rincon is a specialist in financial evaluation and commercial negotiation. Please for proper display of our website you should enable it or use another browser that supports it. On August 29, 1975, the Organic Law Reserving to the State the Industry and Commerce of Hydrocarbons was enacted, allowing the government to take full control of the oil industry on January 1, 1976. P: +1-202-822-9002 Editing by Marguerita Choy, Oil prices drop as US rate hike fears, weak China data offset supply cuts, KKR to invest $250 million more in India's Serentica Renewables, Japan's JERA sees more LNG going to Asia as domestic demand shrinks, Santos' sale of Papua New Guinea LNG stake to state-owned Kumul delayed to August, Indian cough syrup: mystery middleman may be new clue, Red flags galore: Fed officials cited SVB 31 times, Pentagon awards $7.8 billion F-35 contract to Lockheed Martin, Fed points finger at Trump-era rollback for SVB demise, Kotak Mahindra Bank beats expectations with 26% net profit rise in January-March quarter. Gas reserves in the country are estimated at 93 trillion cubic feet of gas. This appeal involves a nonjusticiable political question: who has the authority to litigate in the name of the Venezuelan state oil company, Petrleos de Venezuela, S.A. If Venezuelan law is applied, then the notes may well be deemed invalid and the noteholders will be stymied. The PDVSA board formally approved the exchange of notes in 2016. Without Assembly approval, the 2020 Notes could even be deemed as legally non-existent under Venezuelan law and, as such, they could not have any effect inside or outside Venezuela, because the choice of law clause electing New York law as applicable lacked the Assembly approval for it to begin its effectiveness in the first place. Nicolas Maduro sold Nynas to mistery buyer? But the United States Department of State has concluded that Maduro is not Venezuelas legitimate political leader. If the term was as sweeping as the plaintiff claimed, the court reasoned, there would be more cases where the courts had applied Section 8-110. Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Identifying information on the entity and individual designated today. If Maduro stays in power, the Venezuelan economy will continue its meltdown, and markets will not get any credible promise of payments. The court observed that if the term validity were given a broad scope, it would swallow whole any choice of law analysis involving the formation of a contract for securities. The court cited state legislative history indicating that the term validity in Article 8 referred merely to whether a security ha[d] been issued pursuant to appropriate corporate or similar action. The court also quoted the authors of a leading treatise on Article 8 as saying that: Obviously, the concept of invalidity as used in this section must have a narrower scope than one might encounter in other legal contexts, e.g., in a dispute about whether the obligation represented by the security is enforceable or legal, valid, and binding.. All quotes delayed a minimum of 15 minutes. On December 22, 2017, the President of the Bolivarian Republic of Venezuela, Nicols Maduro Moros, replaced the vice president of Trade and Supply and the vice president of Gas of Petrleos de Venezuela S.A. (PDVSA) by decree N 3219, published in the Extraordinary Official Gazette of the Bolivarian Republic of Venezuela N 6351. Webad-hoc board of directors of the state-owned oil company Petrleos de Venezuela, S.A. (PDVSA). Further steps toward nationalization were taken through a series of laws covering the natural gas industry, the domestic petroleum products market, and the merchant marine. 4.139, published in the Extraordinary Official Gazette; 6,512, the president of the Bolivarian Republic of Venezuela, Nicols Maduro, appointed four new vice-presidents in the core areas of Petrleos de Venezuela, S.A. (PDVSA), as well as the new president of the Venezuelan Petroleum Corporation (CVP), a subsidiary that manages PDVSA's interests in joint exploration and production companies with national and foreign private oil companies. learn how over 7,000 companies got started! The Inter-American Dialogue hosted a private roundtable event featuring Ricardo Luna, the Peruvian Minister of Foreign Relations. WebThe members of the Board of Directors of PDVSA are: President: Manuel Quevedo Fernndez Vicepresident of Production and Exploitation: Miguel Quintana Castro, substituting Nelson 2008-20 on September 12, 2006, except for budget approval, Management Report, and any other decisions related to the indebtedness of the corporation, all of which have to be ratified by the Board of Directors to be legally valid. Venezuela's move toward controlling its oil industry took a significant step in 1943, when the new hydrocarbon law integrated all oil legislation. Websubsidiaries of PDVSA: PDV Holding, CITGO Holding, and CITGO Petroleum (the CITGO Entities). The National Assembly statement did not provide a reason for the moves, which come after several previous management changes at the company. A succession of grants followed during tne 19th century, and the systematic exploitation of the country's large hydrocarbon reserves started during the 27-year dictatorship of General Juan Vicente Gmez, which lasted from 1908 to 1935. It would be interesting to know what was the rationale of the NY lawmaker when it decided that this multilateral choice of law rule should exclude freedom of choice. The entitys board was appointed by Nicols Maduro, who claims to be the president of Venezuela. Under this interpretation, the 2020 Notes may not be validly issued because they were never approved by the National Assembly as required under Article 150. governs . All rights reserved. For tax purposes, PDVSA is treated by the Venezuelan government like any other business entity. Hernandez Bolvar will fill the seat vacated on that board by Luisa Palacios in October. 4. This field covers an area of approximately 42,000 square kilometers and is considered one of the most important untapped reserves of heavy oil in the world. 1155 15th StreetNW It also sought a declaration that the creditors were prohibited from executing on the CITGO collateral. A holding company, PDVSA, was established to coordinate, supervise, control, and plan the activities of its subsidiaries made up of the 14 former operating companies. The Eleventh Circuit affirmed the district courts ruling denying intervenors motion to reopen and You're all set! If the 2020 Notes were validly issued, they are binding on PDVSA, and the CITGO assets may be seized by the noteholders in the event of default. Nynasgot rid of information of its Board of Directors altogether from its website. PDVSA decided to secure long-term outlets for its crude oil by increasing its presence in foreign downstream markets, mainly in the United States and Europe. We see them around but we don't know what goes on behind the scenes. Treasury sanctions on PDVSA caused a great deal of disruption, which pushed Nynas to the brink of bankruptcy. In 2019, the United States recognized Venezuelas Interim President Juan Guaid as the lawful head of state. What about Nynsstiftelsen's 35%? Morn manufactures fertilizers as well as several chemicals for the domestic market. Section 8-110 directs courts to apply the local law of the issuers jurisdictionhere, Venezuelato resolve issues relating to the validity of the security. The billion-dollar question is what exactly the word validity means in this context. Suscrbete a nuestro boletin de noticias. The Board of Directors shall be composed of no less than seven and no more than eleven members appointedby presidential decree for an initial term of two years, renewable for equal terms or until a new Board of Directors is appointed. So, under the political-question doctrine, it was powerless to grant the Maduro entitys motion to substitute the entity as the real party in interest in contravention of the position taken by the United States Department of State. On October 13, 2022, the U.S. Court of Appeals for the Second Circuit declined to provide a definitive answer as to the interpretive question discussed above. In the fall of 2019, PdVSA planned oil shipments with Rosneft Trading S.A. involving 55 million barrels of crude oil liftings from September to December 2019. The industry leader for online information for tax, accounting and finance professionals. The Republic shall be represented by the Peoples Power Minister of Petroleum and other ministers that the President of the Bolivarian Republic of Venezuela may appoint. As a result, he will struggle to pay the October 2020 PDVSA bond, increasing the risk of default on the Citgo-collateralized loan. The government also began to feel that the previous policy of awarding service contracts would not be successful because it would not provide a more viable alternative to the outright nationalization of the industry. Oil has been known and used in Venezuela since seepages were found on the shores of Lake Maracaibo during the colonial period, which ended in 1910. In 1987 PDVSA started exporting coal from western Venezuela through its subsidiary, Carbozulia. There was progress in the sense that the board of directors was obliged to first meet with President Chvez before making decisions, Paravisini Garca said. The new board of directors filed a lawsuit in the Southern District of New York against the trustee and the collateral agent for the 2020 Notes. WebThe board of directors reports to an assembly constituted by the minister of energy and mines, who presides over it, and to those members of the Executive Cabinet designated by the president of the republic. WebThe new members of the board of directors are: 1. Source: International Directory of Company Histories, Vol. See here for a complete list of exchanges and delays. Sources reported that a mezzanine loan given to Nynas by Betancourt and outstanding debt owed to Petrozamora (joint venture formed by Betancourt, Ivanov and co with PDVSA, which wasNynas' largest crude provider), guaranteed GPB's seat at the reorganisation table. Since 1978 it has been responsible for the petrochemical sector, and in 1985 it was entrusted with the development of the country's coal resources located in western Venezuela. A federal court sitting in diversity must look to the choice-of-law rules of the state in which it sitshere, New Yorkto decide which jurisdictions law to apply. With this acquisition, PDVSA gained access to a deep conversion refinery near Chicago with an installed capacity of 153,000 barrels per day, as well as distribution and marketing facilities in Illinois, Michigan, Iowa, Ohio, and Wisconsin. Since the trend toward heavy oil has been reversed with the discoveries of light oil in Monagas and Apure, PDVSA has continued to concentrate its exploration efforts on finding light and medium oil, and between 1988 and 1993 has planned to drill 112 exploration wells to add a possible 9.4 billion barrels of reserves to the existing 58 billion barrels.
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pdvsa board of directors 2023