Venezuela: Political and Economic Update University of Miami Center for Hemispheric Policy October 30, 2007 Coral Gables, FL.

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Venezuela: Political and Economic Update University of Miami Center for Hemispheric Policy October 30, 2007 Coral Gables, FL

Venezuela: Political and Economic Update …first some definitions: Monetization Conventional Oil Unconventional Oil

Venezuela: Political and Economic Update World Largest Oil Reserves Venezuela 79 / 250 / 329 Saudi Arabia 264 / 0 / 264 Canada 16 / 163 / 179 Iran 137 / 0 / 137 Iraq 115 / 0 / 115 Kuwait 101 / 0 / 101 UAE 98 / 0 / 98 EIA 2006, Billion Barrels, Conventional Proven/ Unconventional Undiscovered/Total Reserves

Venezuela: Political and Economic Update Venezuela’s Crude Oil Production ≈ 3 million barrels per day PDVSA’s 2012 Crude Oil Production Target 5.8 million barrels per day EIA/PDVSA 2006

Venezuela: Political and Economic Update Oil Patch Enablers Geology Capital Technology Know-How Stewardship

Venezuela: Political and Economic Update Venezuela’s Crude Oil Average Price 2003 $ $ $ $ $ /19 YTD PDVSA

Venezuela: Political and Economic Update PDVSA 2006 Income Statement Revenues:$99 Billion Royalties: ($18) Social Programs: ($14) Corp. Taxes: ($ 4) Net Income: $5.5 Billion PDVSA 2006

Venezuela: Political and Economic Update

PDVSA’s 2012 Opportunity Costs Crude Oil, Domestic Price Subsidies, Natural Gas, Petrochemicals $64 billion in Revenues At Current Prices 2012 Est. Low Case at $60/bll Ven Basket