Figure 1: Venezuela oil production

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Heavy+Extra Heavy

Medium

Light

Condensate

201420132012201120102009200820072006200520042003200220012000199919980

5

10

15

20

Cost of production ($/b) RHS

20142013201220112010200920082007200620052004200320022001200019991998

($/b)'000 b/d

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Source: PdV

Figure 2: US Gulf coast imports

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

OtherRussiaOpec AfricaColombia

MexicoSaudi ArabiaCanadaVenezuela

201420132012201120102009200820072006200520042003200220012000

'000 b/d

Source: Energy Information Administration

Figure 3: Venezuela 2014 oil exports

Other Asia (2%)

India (22%)

China (13%)

Europe (6%)

Uruguay (1%)

Other Caribbean/C. America (2%)

Curacao (10%)

Cuba (4%)

US (40%)

Source: PdV

Table 1: Key Orinoco projects

Block Partners Est. Peak Production Capacity (b/d)PetroMacareo PdV (60%), PetroVietnam (40%) 200,000PetroUrica PdV (60%), CNPC (40%) 400,000PetroJunin PdV (60%), Eni (40%) 240,000PetroMiranda PdV (60%), Rosneft (32%), Gazprom (8%) 450,000PetroCarabobo PdV (71%), Repsol (11%), ONGC (11%), IOC & OIL (7%) 400,000PetroIndependencia PdV (60%), Chevron (34%), Mitsubishi & Inpex (5%), Suelopetrol (1%) 400,000PetroVictoria PdV (60%), Rosneft (40%) 400,000

Source: PdV

Figure 4: PdV’s debt

0

10

20

30

40

50

PdV debt ($billion)

20142013201220112010

Source: PdV