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PDVSA
PDVSA




• Dimension
• Business Plan 2000-2009



Enero 2001             PC2000_10 BUSINESS PLAN ./
PDVSA
Overview

 • PDVSA: a Global Energy Corporation

    • Reserves (Oil and Gas)

    • Production Capacity

    • Refining Capacity

    • Technology

    • Green Performance



 • Business Plan 2000-2009

                                        PC2000_10 BUSINESS PLAN ./
PDVSA
A Global Energy Corporation - 1999

   RESERVES
OIL  77 Bn BLS                               REFINING CAPACITY
GAS 147 TCF                                       3.3 MMBD


 PRODUCTION
                                          PETROCHEMICAL PROD.
  CAPACITY
                                             4.5 MMTON/YEAR
  3.6 MMBD


   SALES                                          COAL PROD.
  Bn $ 32.6                                    6.4 MM TON/YEAR


  MARKETING                                   ORIMULSION PROD.
   4.5 MMBD                                    4.8 MM TON/YEAR

        MMBD= Million Barrels / Day, MM ton= Million Tons
        TCF= Trillion Cubic Feet                      PC2000_10 BUSINESS PLAN ./
PDVSA                                                                                 Oil
                 World Proven Reserves
        World
        Reserves                   1053 Bn BOE                                                    65
        R/P                        40 Years
                                                                                                       24
                                                            8
                                                       21

                      37                                                             Ex- URSS
                           9.6                                            674
                                                                Western         81
                                                                Europe
                       North
                      America
                                                                  ME                                       15
   Venezuela                                                                                         43
   43% of the                                          Africa                         Asia
   Americas           137
                             37    Latin
                                  America
                                                  27
                                             75                                         Australia




Source: BP Amoco 99               VENEZUELA: WORLD´s 6th LARGEST                             PC2000_10 BUSINESS PLAN ./
PDVSA
            Proven Reserves + Orinoco Belt

                         ORINOCO BELT, THE WORLD
                        LARGEST BITUMEN RESERVOIR




    Billion Barrels                 MACHETE
                                    MACHETE         ZUATA          HAMACA
                                                                                          C. NEGRO

                                                                                      o
                                                                                n o c
                                                                          O r i                         TOTAL
                                                                    R í o

        262       AVAILABLE RESOURCES   489             557            87                    227          1360
                  RECOVERABLE RESOURCES 74               95            18                     85           272


                  PRODUCED AT A RATE OF 10 MBD, RESOURCES WOULD LAST 50 YEARS
                   113         98          97     90
                                                                 77




 Saudi Arabia      Irak      UAE        Kuwait   Iran         Venezuela

Source : BP Amoco1999                                                                        PC2000_10 BUSINESS PLAN ./
PDVSA
            Largest Liquid Hydrocarbon Accumulation

          Billion Barrels
                                                               309




         262
                                              BITUMEN

                        113     98      97        90
                                                          77




  Saudi Arabia         Irak   UAE    Kuwait     Iran   Venezuela

                 INCLUDING ORINOCO BELT, LARGEST LIQUID
                      HYDROCARBON ACCUMULATION
Source BP Amoco 1999                                                 PC2000_10 BUSINESS PLAN ./
PDVSA                                                        Oil
     Largest Producers: 1999 Production Capacity
 MMBD
    11

               9,1

                         7,5
                                 6,6



                                          3,6     3,6     3,2




 SAUDI        USA    RUSSIA    NORTH   MEXICO VENEZUELA CHINA
ARABIA                          SEA

Source: EIA

                                                         PC2000_10 BUSINESS PLAN ./
PDVSA                                  Refining Capacity
                  World Leading Corporations

                           MMBD

                              6,5




                                          4,0
                                                   3,3        3,3          3,1




                          EXXON/       ROYAL     BP /      PDVSA    CHEVRON/
                          MOBIL     DUTCH/SHELL AMOCO                TEXACO

Source PIW. Dic - 1999
                                                                    PC2000_10 BUSINESS PLAN ./
PDVSA                                           Refining Capacity
              NOC’s
   MMBD

            3.3




                            2.0
                                         1.8         1.7
                                                                1.5
                                                                           1.1




        PDVSA           ARAMCO        PEMEX     PETROBRAS    INOC       KPC
                      (Saudi Arabia) (Mexico)     (Brazil)   (Irak)   (Kuwait)
Source: PIW, Dic., 1999
                                                                        PC2000_10 BUSINESS PLAN ./
PDVSA                                               Refining Capacity
                  Venezuela
    USA Capacity (*) : 1116 ThBD                        European Capacity: 252 ThBD
                      Lemont
                        167                                      Nynas 50% (72)
                                               Sweden(2 ref./Belgium(1 ref.)/ United Kingdom 2ref.)
Paulsboro 84                                                          36

 Sweeny (*)
   165
                                                           Ruhr Oel 50% (432)
                                        Savannah
Chalmette 50%                                               Germany (4 Ref.)
                                           28
    (184)                                                          216
                                        LCRC 41.25% (265)
     92                                       110
 Lake Charles                                    Paraguaná Refining
     320                                             Complex 940       Capacity (MMBD)
          Corpus Christi                                                  Venezuela              1.3
                150      St. Croix 50%                                    International          2.0
           ISLA 335           (545)
                               273
                                                Bajo Grande   El Palito     Pto.. La Cruz
                                                     15          130             200
Caribbean Capacity 608 ThBD
                                                                          San Roque
    (*) 50 % share in deep conversion unit
                                                                              5 PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                       Refining Capacity
         European Operations
TOTAL RUHR/NYNÄS:     504 Th BD
PDVSA PARTICIPATION : 252 Th BD
SUPPLY AGREEMENTS: 272 Th BD


                                 Norway Sweden
                                       Nynashamn
                        Dundee
                   UK                Götenborg
         Ireland

               Eastham           Wilhelnashaven
                         Rotterdam
                            Amberes     Schwedt
                               Gelsenkirchen
                                   Karlsruhe
                                      Neustadt


                          Marselle    Trieste




International downstream integration allows market access
 International downstream integration allows market access
                                                            PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                  Refining Capacity
      CITGO - PDVMR
 REFINING CAPACITY (MMBD) TOTAL/PDVSA:   1363/1116
 TERMINALS:                              59
 SERVICE STATIONS:                       15.079
 STORAGE CAPACITY (MILLION BLS):         24




                            Lemont
                                               Paulsboro


 CITGO




                                     Savannah
                         Lake
                         Charles
                     Lyondell
Corpus Christi

                 One of the largest retail networks
                 One of the largest retail networks        PC2000_10 BUSINESS PLAN ./ 1
PDVSA                     Overseas Storage Capacity
          Venezuela

                BOPEC, N.V
              Bonaire (PDVSA)
              Cap.: 10.1 MMB
                                                  BORCO
                                              Bahamas (PDVSA)
                                               Cap.: 11 MMB
                     Storage Terminals
                      Total: 50.6 MMB



       COT
Curacao ( leased)
 Cap.: 14,5 MMB        STATIA Terminal
                                                POINT FORTIN
  EMMASTAD           San Eustaquio (leased)
                                               Trinidad (leased)
Cap.: 14,0 MMB        Cap.: PDV: 388 ThB
                                              Cap.: PDV: 650 ThB

     Strategic storage assures adequate distribution
                                                      PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                                        Natural Gas
               Proven Reserves
  World                                                                                   2003
  Reserves                  5170 TCF
  R/P                       65 Years                   19
                                                 184                                            88



                                                            Western          Ex- URSS
                       North                                Europe     274
                      America
                      231 9                                     1750
                                                              ME                          41
    Venezuela                                      Africa                    Asia
    28% of the                                                                      360
     Americas               66    Latin      101
                                 America
                                                                              Australia
                      283
                                           361



Source: BP/AMOCO 00              VENEZUELA: WORLD’s 8 th LARGEST                    PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                Natural Gas
      Venezuela’s Gas Reserves / 1999



POSSIBLE                            133 ASSOCIATED
 43
      19 %                              91%
              64 %
      17 %                                    9%

  38               146                             13
PROBABLE         PROVEN                 NON- ASSOCIATED




       Most of the reserves largely associated to oil
                                                PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                                           Technology
               PDVSA Intevep as high tech product provider
       HHC®                          HDH+®
                       ISAL®                      HOTLIFT™       AQUACONVERSION®                      ST-5®

                                     MULTIGEL™                                        GOV10/20®
    BIORIZE®      CDInterol®                                    INTEBIOS®


                        H2OIL™                 INT-SORB™                                  ORIMULSION®
 ULTRACLEAN™                                                           WellTECH™

        Creating value in all business activities
         Creating value to Venezuelan nation
         Win to win relationship with partners
ULTRAMIX®                                                                   INTOIL®           THIXOGAS®
                  DISOL®              BIODOIL®              SULTRAP®

      ISIS-INT®                                                                                   INPETUS™
                        ORIMATITA®
                                             GREENOIL   ®
                                                                LITEDEM®           LITECEM™
 DETECTOIL™
                        INT-FCC-1®            EVAEMP™                  CARBOLIG®                      SEDLA®




                                                                                         PC2000_10 BUSINESS PLAN ./ 1
PDVSA                         Green Performance

                                            CERTIFIED
   SUPPLIER                               ENVIRONMENTAL
   OF CLEAN                                MANAGEMENT
   PRODUCTS                                  SYSTEMS




  COMMITTED
     AND                                    ELIMINATION OF
 RESPONSIBLE                                  LIABILITIES
  EMPLOYEES




DEVELOPMENT AND                           CONTRIBUTION TO
 APPLICATION OF       ACCOUNTABILITY      MEET COMMUNITY
 TECHNOLOGY TO     THROUGH PERFORMANCE       NEEDS ON
  MINIMIZE RISKS      INDICATORS AND       ENVIRONMENT
                   PREESTABLISHED GOALS
                                                PC2000_10 BUSINESS PLAN ./ 1
PDVSA                   Business Plan 2000-2009
Corporate Strategy
            • Focus   on E&P, R&M            with      own
              resources
                - Competitive costs
                - Effective asset utilization



            • Promote    maximum participation             of
              private sector in:
               - Natural gas
PDVSA          - Chemicals and petrochemicals
               - Refinery streams derivatives
               - Orimulsion
               - Coal




            • Best  practices in Health,        Safety           &
              Environment Protection.

                                              PC2000_10 BUSINESS PLAN ./ 1
PDVSA                             Business Plan 2000-2009
  Production Capacity

        Th BD                                                   5800
6000                                           Profit Sharing
                                               Agreements
5000                                      Orinoco Oil Belt
        3955
4000               Operating Agreements            New Areas
                                                   Own Effort.
3000

2000
                       Own Effort
1000

   0
       00         02          04          06            08

            PDVSA’s Business Plan considers a steady
                 growth in production capacity
                                                         PC2000_10 BUSINESS PLAN ./ 1
PDVSA                                  Exploratory Areas
                               Oil (Million Barrels) / Gas (TCF)

                                                     CARIBBEAN SEA


                               13    61

   7 22                        150.000 Km2

                                              10   47
 60.000 Km   2


                                             150.000 Km2
                   6   6

                 100.000 Km2



Significant opportunities to incorporate new oil
               and gas reserves
                                                           PC2000_10 BUSINESS PLAN ./ 2
PDVSA                         Business Plan 2000-2009
      Strategic Associations: heavy oil upgrading projects
              Production Th BD
700
                                        622      Investments 2000 - 2009:
600
500                       HAMACA                          Partners
400
                                                              52%
300                       SINCOR
      158
200                       CERRO NEGRO                   32%
100
                                                               16%
                          PETROZUATA
  0                                             PDVSA
  2000       2      4       6       8    2010                   Financing


             Orinoco Oil Belt:
               a succesful
          development of huge
                                                Reserves: 217 Bn BLs
         extra-heavy oil reserves
             (≈ 10-12° API)

                                                              PC2000_10 BUSINESS PLAN ./ 2
PDVSA                         Business Plan 2000-2009
   Exploration and Production

       Profit Sharing           Operating
        Agreements             Agreements

Exploration         9%         22%
Own effort     8%
                                      22%
                                              Strategic
                         39%                 Associations



                  Production Own Effort



          Investments 2000-2009: 36 - 38 Bn $
                    PDVSA’s Share : 55%
                                                 PC2000_10 BUSINESS PLAN ./ 2
PDVSA                       Business Plan 2000-2009
Refining

                 Operational
                 Continuity


                      37%           Environment
                                13% & Safety
                                  3%
                   47%                   Deep
                                       Conversion


               Product
               Quality

            Investments: 2,0 - 2,7 Bn $


Most investments are dedicated to environmental
               related projects
                                               PC2000_10 BUSINESS PLAN ./ 2
PDVSA                             Business Plan 2000-2009
Orimulsion®

     30000   Th TY   Volumetric Expectations
     25000

     20000                                  MODULE 3

     15000                   MODULE 2

     10000

      5000
             EXISTING CAP.
        0
             99      01      03    05       07    09


                     Strategic Guidelines
 First module wholly utilized - 6.5 MM T/year capacity
 Second and third module to be developed mostly by
 private investors ($1 Billion Approximately)

                                                       PC2000_10 BUSINESS PLAN ./ 2
PDVSA
  Total Investments

           PDVSA
          Own Effort       PDVSA equity in
                            Associations
                   38%   4%
                                   Partners Share
                   24%   34%



       Financing
                              Business                             %
                         • Exploration & Production                  69
                            •Profit Sharing                     13
                            •Orinoco Oil Belt Assoc.            14
                            •Operating Agreements               11
                            •PDVSA                              31
  Plan 2000-2009:        • Refining                                   4
U.S.$ 50 - 55 Billion    • Natural Gas                                9
                         • Chemicals                                 15
PDVSA SHARE: 42%         • Other sectors                              3
                                                PC2000_10 BUSINESS PLAN ./ 2
PDVSA

   Summary

PDVSA´s Business Plan is based on:


 Venezuela´s large resources endowment


 Venezuela comparative and competitive
 advantages


 Strong financial fundamentals

  Great opportunities for private investment
                                      PC2000_10 BUSINESS PLAN ./ 2

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Business plan 2000-2009

  • 1. PDVSA PDVSA • Dimension • Business Plan 2000-2009 Enero 2001 PC2000_10 BUSINESS PLAN ./
  • 2. PDVSA Overview • PDVSA: a Global Energy Corporation • Reserves (Oil and Gas) • Production Capacity • Refining Capacity • Technology • Green Performance • Business Plan 2000-2009 PC2000_10 BUSINESS PLAN ./
  • 3. PDVSA A Global Energy Corporation - 1999 RESERVES OIL 77 Bn BLS REFINING CAPACITY GAS 147 TCF 3.3 MMBD PRODUCTION PETROCHEMICAL PROD. CAPACITY 4.5 MMTON/YEAR 3.6 MMBD SALES COAL PROD. Bn $ 32.6 6.4 MM TON/YEAR MARKETING ORIMULSION PROD. 4.5 MMBD 4.8 MM TON/YEAR MMBD= Million Barrels / Day, MM ton= Million Tons TCF= Trillion Cubic Feet PC2000_10 BUSINESS PLAN ./
  • 4. PDVSA Oil World Proven Reserves World Reserves 1053 Bn BOE 65 R/P 40 Years 24 8 21 37 Ex- URSS 9.6 674 Western 81 Europe North America ME 15 Venezuela 43 43% of the Africa Asia Americas 137 37 Latin America 27 75 Australia Source: BP Amoco 99 VENEZUELA: WORLD´s 6th LARGEST PC2000_10 BUSINESS PLAN ./
  • 5. PDVSA Proven Reserves + Orinoco Belt ORINOCO BELT, THE WORLD LARGEST BITUMEN RESERVOIR Billion Barrels MACHETE MACHETE ZUATA HAMACA C. NEGRO o n o c O r i TOTAL R í o 262 AVAILABLE RESOURCES 489 557 87 227 1360 RECOVERABLE RESOURCES 74 95 18 85 272 PRODUCED AT A RATE OF 10 MBD, RESOURCES WOULD LAST 50 YEARS 113 98 97 90 77 Saudi Arabia Irak UAE Kuwait Iran Venezuela Source : BP Amoco1999 PC2000_10 BUSINESS PLAN ./
  • 6. PDVSA Largest Liquid Hydrocarbon Accumulation Billion Barrels 309 262 BITUMEN 113 98 97 90 77 Saudi Arabia Irak UAE Kuwait Iran Venezuela INCLUDING ORINOCO BELT, LARGEST LIQUID HYDROCARBON ACCUMULATION Source BP Amoco 1999 PC2000_10 BUSINESS PLAN ./
  • 7. PDVSA Oil Largest Producers: 1999 Production Capacity MMBD 11 9,1 7,5 6,6 3,6 3,6 3,2 SAUDI USA RUSSIA NORTH MEXICO VENEZUELA CHINA ARABIA SEA Source: EIA PC2000_10 BUSINESS PLAN ./
  • 8. PDVSA Refining Capacity World Leading Corporations MMBD 6,5 4,0 3,3 3,3 3,1 EXXON/ ROYAL BP / PDVSA CHEVRON/ MOBIL DUTCH/SHELL AMOCO TEXACO Source PIW. Dic - 1999 PC2000_10 BUSINESS PLAN ./
  • 9. PDVSA Refining Capacity NOC’s MMBD 3.3 2.0 1.8 1.7 1.5 1.1 PDVSA ARAMCO PEMEX PETROBRAS INOC KPC (Saudi Arabia) (Mexico) (Brazil) (Irak) (Kuwait) Source: PIW, Dic., 1999 PC2000_10 BUSINESS PLAN ./
  • 10. PDVSA Refining Capacity Venezuela USA Capacity (*) : 1116 ThBD European Capacity: 252 ThBD Lemont 167 Nynas 50% (72) Sweden(2 ref./Belgium(1 ref.)/ United Kingdom 2ref.) Paulsboro 84 36 Sweeny (*) 165 Ruhr Oel 50% (432) Savannah Chalmette 50% Germany (4 Ref.) 28 (184) 216 LCRC 41.25% (265) 92 110 Lake Charles Paraguaná Refining 320 Complex 940 Capacity (MMBD) Corpus Christi Venezuela 1.3 150 St. Croix 50% International 2.0 ISLA 335 (545) 273 Bajo Grande El Palito Pto.. La Cruz 15 130 200 Caribbean Capacity 608 ThBD San Roque (*) 50 % share in deep conversion unit 5 PC2000_10 BUSINESS PLAN ./ 1
  • 11. PDVSA Refining Capacity European Operations TOTAL RUHR/NYNÄS: 504 Th BD PDVSA PARTICIPATION : 252 Th BD SUPPLY AGREEMENTS: 272 Th BD Norway Sweden Nynashamn Dundee UK Götenborg Ireland Eastham Wilhelnashaven Rotterdam Amberes Schwedt Gelsenkirchen Karlsruhe Neustadt Marselle Trieste International downstream integration allows market access International downstream integration allows market access PC2000_10 BUSINESS PLAN ./ 1
  • 12. PDVSA Refining Capacity CITGO - PDVMR REFINING CAPACITY (MMBD) TOTAL/PDVSA: 1363/1116 TERMINALS: 59 SERVICE STATIONS: 15.079 STORAGE CAPACITY (MILLION BLS): 24 Lemont Paulsboro CITGO Savannah Lake Charles Lyondell Corpus Christi One of the largest retail networks One of the largest retail networks PC2000_10 BUSINESS PLAN ./ 1
  • 13. PDVSA Overseas Storage Capacity Venezuela BOPEC, N.V Bonaire (PDVSA) Cap.: 10.1 MMB BORCO Bahamas (PDVSA) Cap.: 11 MMB Storage Terminals Total: 50.6 MMB COT Curacao ( leased) Cap.: 14,5 MMB STATIA Terminal POINT FORTIN EMMASTAD San Eustaquio (leased) Trinidad (leased) Cap.: 14,0 MMB Cap.: PDV: 388 ThB Cap.: PDV: 650 ThB Strategic storage assures adequate distribution PC2000_10 BUSINESS PLAN ./ 1
  • 14. PDVSA Natural Gas Proven Reserves World 2003 Reserves 5170 TCF R/P 65 Years 19 184 88 Western Ex- URSS North Europe 274 America 231 9 1750 ME 41 Venezuela Africa Asia 28% of the 360 Americas 66 Latin 101 America Australia 283 361 Source: BP/AMOCO 00 VENEZUELA: WORLD’s 8 th LARGEST PC2000_10 BUSINESS PLAN ./ 1
  • 15. PDVSA Natural Gas Venezuela’s Gas Reserves / 1999 POSSIBLE 133 ASSOCIATED 43 19 % 91% 64 % 17 % 9% 38 146 13 PROBABLE PROVEN NON- ASSOCIATED Most of the reserves largely associated to oil PC2000_10 BUSINESS PLAN ./ 1
  • 16. PDVSA Technology PDVSA Intevep as high tech product provider HHC® HDH+® ISAL® HOTLIFT™ AQUACONVERSION® ST-5® MULTIGEL™ GOV10/20® BIORIZE® CDInterol® INTEBIOS® H2OIL™ INT-SORB™ ORIMULSION® ULTRACLEAN™ WellTECH™ Creating value in all business activities Creating value to Venezuelan nation Win to win relationship with partners ULTRAMIX® INTOIL® THIXOGAS® DISOL® BIODOIL® SULTRAP® ISIS-INT® INPETUS™ ORIMATITA® GREENOIL ® LITEDEM® LITECEM™ DETECTOIL™ INT-FCC-1® EVAEMP™ CARBOLIG® SEDLA® PC2000_10 BUSINESS PLAN ./ 1
  • 17. PDVSA Green Performance CERTIFIED SUPPLIER ENVIRONMENTAL OF CLEAN MANAGEMENT PRODUCTS SYSTEMS COMMITTED AND ELIMINATION OF RESPONSIBLE LIABILITIES EMPLOYEES DEVELOPMENT AND CONTRIBUTION TO APPLICATION OF ACCOUNTABILITY MEET COMMUNITY TECHNOLOGY TO THROUGH PERFORMANCE NEEDS ON MINIMIZE RISKS INDICATORS AND ENVIRONMENT PREESTABLISHED GOALS PC2000_10 BUSINESS PLAN ./ 1
  • 18. PDVSA Business Plan 2000-2009 Corporate Strategy • Focus on E&P, R&M with own resources - Competitive costs - Effective asset utilization • Promote maximum participation of private sector in: - Natural gas PDVSA - Chemicals and petrochemicals - Refinery streams derivatives - Orimulsion - Coal • Best practices in Health, Safety & Environment Protection. PC2000_10 BUSINESS PLAN ./ 1
  • 19. PDVSA Business Plan 2000-2009 Production Capacity Th BD 5800 6000 Profit Sharing Agreements 5000 Orinoco Oil Belt 3955 4000 Operating Agreements New Areas Own Effort. 3000 2000 Own Effort 1000 0 00 02 04 06 08 PDVSA’s Business Plan considers a steady growth in production capacity PC2000_10 BUSINESS PLAN ./ 1
  • 20. PDVSA Exploratory Areas Oil (Million Barrels) / Gas (TCF) CARIBBEAN SEA 13 61 7 22 150.000 Km2 10 47 60.000 Km 2 150.000 Km2 6 6 100.000 Km2 Significant opportunities to incorporate new oil and gas reserves PC2000_10 BUSINESS PLAN ./ 2
  • 21. PDVSA Business Plan 2000-2009 Strategic Associations: heavy oil upgrading projects Production Th BD 700 622 Investments 2000 - 2009: 600 500 HAMACA Partners 400 52% 300 SINCOR 158 200 CERRO NEGRO 32% 100 16% PETROZUATA 0 PDVSA 2000 2 4 6 8 2010 Financing Orinoco Oil Belt: a succesful development of huge Reserves: 217 Bn BLs extra-heavy oil reserves (≈ 10-12° API) PC2000_10 BUSINESS PLAN ./ 2
  • 22. PDVSA Business Plan 2000-2009 Exploration and Production Profit Sharing Operating Agreements Agreements Exploration 9% 22% Own effort 8% 22% Strategic 39% Associations Production Own Effort Investments 2000-2009: 36 - 38 Bn $ PDVSA’s Share : 55% PC2000_10 BUSINESS PLAN ./ 2
  • 23. PDVSA Business Plan 2000-2009 Refining Operational Continuity 37% Environment 13% & Safety 3% 47% Deep Conversion Product Quality Investments: 2,0 - 2,7 Bn $ Most investments are dedicated to environmental related projects PC2000_10 BUSINESS PLAN ./ 2
  • 24. PDVSA Business Plan 2000-2009 Orimulsion® 30000 Th TY Volumetric Expectations 25000 20000 MODULE 3 15000 MODULE 2 10000 5000 EXISTING CAP. 0 99 01 03 05 07 09 Strategic Guidelines First module wholly utilized - 6.5 MM T/year capacity Second and third module to be developed mostly by private investors ($1 Billion Approximately) PC2000_10 BUSINESS PLAN ./ 2
  • 25. PDVSA Total Investments PDVSA Own Effort PDVSA equity in Associations 38% 4% Partners Share 24% 34% Financing Business % • Exploration & Production 69 •Profit Sharing 13 •Orinoco Oil Belt Assoc. 14 •Operating Agreements 11 •PDVSA 31 Plan 2000-2009: • Refining 4 U.S.$ 50 - 55 Billion • Natural Gas 9 • Chemicals 15 PDVSA SHARE: 42% • Other sectors 3 PC2000_10 BUSINESS PLAN ./ 2
  • 26. PDVSA Summary PDVSA´s Business Plan is based on: Venezuela´s large resources endowment Venezuela comparative and competitive advantages Strong financial fundamentals Great opportunities for private investment PC2000_10 BUSINESS PLAN ./ 2

Notas del editor

  1. GOOD MORNNIG, LADIES AND GENTLEMEN THIS PRESENTATION THAT I HAVE FOR YOU TODAY IS ABOUT PETROLEOS DE VENEZUELA.
  2. THIS PRESENTATION WILL COVER THE TOPICS THAT YOU SEE IN THE SLIDE BEGINNING WITH THE CHARACTERIZATION OF PDVSA THROUGH THE MAIN FIGURES THAT DESCRIBE OUR RESOURCES BASE, BOTH INBOUND AND OUTBOUND LOGISTIC INFRASTRUCTURE, AS WELL AS THE TECHNOLOGY AND ENVIRONMENTAL ASPECTS INCLUDED WITHIN THE FRAMEWORK OF OUR OPERATIONS AND FINALLY, A SUMMARY OF OUR BUSINESS PLAN FOR THE YEARS 2000 TO 2009.
  3. PDVSA DEFINES ITSELF IN ITS MISION AS A GLOBAL ENERGY CORPORATION. THIS SLIDE SHOWS THE MAIN NUMBERS THAT DESCRIBE OUR OPERATIONS IN THE VALUE CHAIN THAT WE EXPLOIT AT YEAR END 1999. FROM THE VAST HIDROCARBON RESOURCES THAT ARE PRESENT WITHIN THE VENEZUELAN BORDER, WE ADDRESS THE MARKETS THAT ARE NATURAL TO US BECAUSE OF OUR GEOGRAPHICAL LOCATION AND OUR COMPETITIVE ADVANTAGE THE NUMBERS OF PROVEN RESERVES OF OIL&GAS, PRODUCTION CAPACITY, SALES, EXPORTS, REFINING CAPACITY, PETROCHEMICAL, COAL AND ORIMULSION PRODUCTION THAT YOU SEE IN THE SLIDE GIVE YOU AN IDEA OF THE HUGES DIMENSIONS OF OUR OPERATIONS AND MARKET ACTIVITY WITHIN THE GLOBAL BUSINESS OF PDVSA .
  4. TO SUPPORT ITS GROWTH, PDVSA ACCESS ITS VAST RESOURCE BASE OF HYDROCARBONS IN VENEZUELA THAT, IN TERMS OF PROVEN RESERVES IS THE 6TH WORLD´S LARGEST, REPRESENTING 43% OF THE AMERICAS AND GEOGRAPHICALLY LOCATED NEAR THE MOST IMPORTANT MARKETS WITHIN THE ATLANTIC BASIN.
  5. IT IS IMPORTANT TO HIGHLIGHT THAT IN THE FIGURES OF PROVEN RESERVES, VENEZUELA RANKS 6TH AMONG THE TOP 10 HOLDERS OF HYDROCARBONS RESERVES IN THE WORLD…...
  6. …… .WITHOUT INCLUDING THE VAST RESOURCES OF BITUMEN THAT ARE LOCATED IN THE ORINOCO OIL BELT, WHICH IS THE LARGEST OF THOSE ACCUMULATIONS OF HYDROCARBONS. IN THIS REGARD, IT´S IMPORTANT TO MENTION THAT IF THOSE RESERVES ARE PRODUCED AT THE RATE OF 10 MILLION BARRELS A DAY, IT WOULD LAST FOR AT LEAST 50 YEARS.
  7. DOING THE SAME COMPARISON, NOW IN TERMS OF THE PRODUCTION CAPACITY, VENEZUELA RANKS 6TH ALSO AMONG THE TOP 10 OIL PRODUCER COUNTRIES AS YOU SEE IN THE SLIDE...
  8. …… AND, IN TERMS OF REFINING CAPACITY, PDVSA IS AMONG THE BIGGEST MAJOR OIL COMPANIES IN THE WORLD, AT THE SAME LEVEL OF BP/AMOCO AND CLOSE TO ROYAL DUCTCH/SHELL…...
  9. HOWEVER, IF WE NOW CONSIDER THE REFINING CAPACITY OF THE NATIONAL OIL COMPANIES, PDVSA RANKS #1 AMONG THEM……..
  10. … ...THAT CRUDE OIL PROCESSING CAPACITY IS BASED NOT ONLY IN VENEZUELA, BUT ALSO OVERSEAS WHERE 60% OF THAT CAPACITY IS LOCATED, MAINLY IN THE UNITED STATES WITH MORE THAN 1.1 MMBD, ABOUT 600 MBD IN THE CARIBBEAN SEA AND SOME 250 MBD IN EUROPE. IN THE U.S. MOST OF OUR OPERATIONS ARE CONTROLLED BY CITGO WHICH IS 100% OWNED BY PDVSA AND WE HAVE ALSO PRESENCE THROGH JOINT VENTURES WITH PHILLIPS, LYONDELL AND EXXON/MOBIL IN DIFFERENT REFINERIES. IN THE CARIBBEAN, WE ALSO HAVE AN IMPORTANT PRESENCE THROUGH A JOINT VENTURE WITH AMERADA HESS IN SAINT CROIX ISLAND AND A LEASED REFINERY IN CURAZAO.
  11. …… IN EUROPE, WE HAVE JV´S WITH VEBA OIL AND FORTUM. IN GERMANY, THROUGH A COMPANY CALLED RURH OEL AND IN THE NORTH OF EUROPE THROUGH NYNAS WHICH HAS REFINERIES IN SWEDEN, UK AND HERE IN BELGIUM (AMBERES). THIS ALSO ALLOWS US TO INTEGRATE OUR VALUE CHAIN ALL THE WAY THROUGH THIS IMPORTANT MARKET.
  12. IN THE UNITED STATES AS WELL, WE INTEGRATE OUR VALUE CHAIN ALL THE WAY THROUGH THE MARKET WITH OUR AFFILIATE COMPANY CITGO THAT GIVE US A STRATEGIC ACCESS TO OUR MOST IMPORTANT MARKET AT THE RETAILING LEVEL OF THE BUSINESS INCLUDING NOT ONLY WITH MORE TAHN 15.000 SERVICES STATIONS, WHICH IS ONE OF THE LARGEST IN THE UNITED STATES, BUT ALSO TERMINALS AND STORAGE CAPACITY TO HANDLE THE OUTBOUND LOGISTIC OF THE BUSINESS.
  13. INCLUDED WITHIN THIS LOGISTIC IS THE VITAL ACCESS TO STORAGE CAPACITY IN THE CARIBBEAN, IN ORDER TO INSURE THE APPROPRIATE STRATEGIC ADDRESS OF THE NEEDS OF OUR CUSTOMERS LOCATED IN THE ATLANTIC BASIN. AS YOU SEE IN THE SLIDE, WE HAVE ACCESS TO STORAGE CAPACITY THAT AMOUNTS MORE THAN 50 MILLION BARRELS IN TERMINALS LOCATED FROM TRINIDAD TO THE BAHAMAS BY TWO MEANS: OWNERSHIP AND LEASING
  14. OUR RESOURCE BASE INCLUDES ALSO SIGNIFICANT AMOUNTS OF NATURAL GAS (146 TCF) THAT ARE THE 28% OF THE AMERICAS AND RANKS VENEZUELA AS THE 8TH IN THE WORLD
  15. HOWEVER MOST OF THE GAS RESERVES (91%) ARE LINKED TO OIL FIELDS, OR WHAT IS CALLED ASSOCIATED GAS. THE AVAILABILITY OF THOSE RESOURCES WILL DEPEND ON THE PRODUCTION OF OIL. THEREFORE OUR BUSINESS PLAN CONTEMPLATES FOR NON ASSOCIATED NATURAL GAS A VERY IMPORTANT EXPLORATION ACTIVITY AND DEVELOPMENT OF INFRASTRUCTURE WITH THE ACTIVE PARTICIPATION OF THE PRIVATE SECTOR (NOW ALLOWED IN THE LAW) AND, FROM THERE, THE DEVELOPMENT OF THE MID AND DOWN STREAM CHAIN OF THE BUSINESS TARGETING NOT ONLY THE INTERNAL GAS MARKET, BUT ALSO THE OVERSEAS MARKETS OF THE ATLANTIC BASIN.
  16. IN ORDER TO EASE THE ACCESS TO THE APPROPRIATE TECHNOLOGY NEEDED TO DEVELOP EFFICIENTLY AND ECONOMICALLY OUR RESOURCE BASE THAT HAS BEEN ALREADY CHARACTERIZED IN THIS PRESENTATION, WE HAVE OUR OWN AFFILIATE OF R&D INTEVEP THAT THROUGH THE YEARS HAVE PROVIDED US WITH MORE THAN 700 PATENTS AND INVENTIONS APPLICABLE TO THE OIL INDUSTRY AND SOME OF THEM HAVE BEEN LICENCED TO OTHER COMPANIES.
  17. AS A GLOBAL CORPORATION, WE ARE DEEPLY COMMITTED WITH THE ENVIRONMENT AND THE HIGHEST SAFETY STANDARDS IN MANY DIFFERENT WAYS: FIRST WE ARE AND WILL CONTINUE TO BE AN IMPORTANT SUPPLIER OF CLEAN PRODUCTS IN ALL OUR REFINERIES AND OUR ENVIRONMENTAL MANAGEMENT SYSTEMS ARE CERTIFIED. IN ADDITION WE DEDICATE AN IMPORTANT EFFORT TO DEVELOP AND APPLY TECHNOLOGIES THAT MINIMIZE ENVIROMENTAL RISKS AND PROVIDE SOLUTIONS TO ELIMINATE LIABILITIES, AND LAST BUT NOT LEAST, OUR EMPLOYEES ARE ACCOUNTABLE THROUGH PERFORMANCE INDICATORS WHICH CONSIDER SPECIFIC ENVIROMENTAL AND SAFETY GOALS.
  18. LET´S NOW TALK ABOUT PDVSA´ S TEN YEARS BUSINESS PLAN: OUR CORPORATE STRATEGY IS FOCUSED ON THREE MAIN AREAS, FIRST WE ARE CONCENTRATING OUR EFFORTS AND OUR OWN RESOURCES IN THE CORE BUSINESS, THAT IS, EXPLORATION & PRODUCTION AND REFINING & MARKETING. DEPLOYING AND STRATEGY AIMED AT THE CONTINUOUS IMPROVEMENT OF OUR COST COMPETITIVENESS AND OPTIMIZATION OF OUR ASSET UTILIZATION SECOND WE WANT TO PROMOTE MAXIMUM PARTICIPATION OF THE PRIVATE SECTOR IN THE DEVELOPMENT OF THE GAS, CHEMICAL, PETROCHEMICAL, ORIMULSION AND COAL INDUSTRIES AND… THIRD, WE ARE STRIVING TO BE LEADERS IN THE AREAS OF HEALTH, SAFETY AND ENVIRONMENT PROTECTION WITHIN OUR INDUSTRY.
  19. OUR VIEW OF THE MARKET IN THE MEDIUM TERM GIVE US THIS FORECAST FOR THE DEVELOPMENT OF PRODUCTION CAPACITY SEGREGATED AS YOU CAN SEE BY THE DIFERENT AGENTS THAT PRODUCE OIL WITHIN THE PDVSA CHAIN. THIS PRODUCTION CAPACITY IS EXPECTED TO INCREASE BY AROUND 2 MILLION BARRELS PER DAY IN THE NEXT 9 YEAR, REACHING A LEVEL OF 5.8 MILLIONS BARRELS A DAY AT THE END OF THAT PERIOD. PDVSA´S OWN CONTRIBUTION WILL BE THE SWING, AS WE HAVE TO MEET THE DEMAND THAT MARKET POSES AND AND AT THE SAME TIME, TO COMPLY WITH THE PROFIT SHARING AND OPERATIONAL AGREEMENTS THAT WE HAVE WITH OUR PARTNERS.
  20. TO SUSTAIN THE LONG TERM VIABILITY OF OUR BUSINESS AND TO IMPROVE THE COMPOSITION OF OUR BASKET OF RESOURCES, OUR BUSINESS PLAN CONTEMPLATES AN AGGRESSIVE EXPLORATION ACTIVITY THAT WILL BE DEPLOYED WITH OUR OWN RESOURCES IN OIL AND WITH THIRD PARTIES IN GAS. THE EXPECTATIONS AS YOU SEE ARE IN THE ORDER OF 36 MILLION BARRELS OF OIL AND 136 TCF OF GAS
  21. SINCE MOST OF OUR RESERVES ARE IN THE ORINOCO OIL BELT, WE DEVELOPED FOUR STRATEGIC ASSOCIATIONS WITH IMPORTANT INTERNATIONAL OIL COMPANIES SUCH AS: CONOCO, EXXON-MOBIL, PHILLIPS, TEXACO, STATOIL AND VEBA OEL. THIS COMPANIES WILL BUILD AND OPERATE DEEP CONVERSION UNITS TO PRODUCE SINTHETIC CRUDE OIL. ADDITIONALLY, AT THIS MOMENT, WE ARE ANALIZING SEVERAL NEW OPPORTUNITIES TO INCREASE THIS BUSINESS: EXPANSIONS OF THE EXISTING, BOTH TROUGH SINTHETIC CRUDE AND PRODUCTS AND GRASS ROOTS. THE SPECIFIC CONTRIBUTION OF THE 4 STRATEGIC ASSOCIATIONS UNDER DEVELOPMENT IMPLIES IMPORTANT CAPITAL EXPENDITURES OF WHICH PDVSA WILL FUND 32 % AND THE PARTNERS 52% LEAVING THE REST TO BE LIFTED BY PROJECT FINANCING IN AN AGRESSIVE TIMETABLE THAT HAVE BEEN SO FAR WITHIN SCHEDULE AND BUDGET AND WITH INCORPORATION OF PRODUCTION LEVELS THAT YOU SEE IN THE SLIDE.
  22. IN THE UPSTREAM (E&P) PDVSA WILL BE INVESTING ALMOST 40 BILLION DOLLARS IN TEN YEARS PLAN, WHERE ABOUT 55% WILL BE WITH OWN EFFORT AND THE REST WITH PARTICIPATION OF THIRD PARTIES. 62% WILL BE ALLOCATED IN EASTERN VENEZUELA AND 38% IN THE WESTERN PART OF THE COUNTRY. THE MAIN TRUST ON PROJECTS WITH PDVSA EFFORT WILL BE CENTERED ON PRODUCTION CAPACITY MAINTENANCE, INCREASE PRODUCTIVITY AND OPTIMIZE OF THE EXISTING INFRASTRUCTURE.
  23. IN THE REFINIG SECTOR, THE INVESTMENT WILL BE AROUND 3 BILLION DOLLARS DURING THE TEN YEARS PERIOD. ALMOST HALF OF THAT INVESTMENT WILL BE TO ASSURE THE PRODUCT QUALITIES REQUIRED FOR THE MARKET AND THE REST WILL BE INVESTED IN SAFETY, RELIABILITY AND PROFITABILITY PROJECTS.
  24. ORIMULSION IS AN STABLE MIX OF WATER AND BITUMEN FROM THE ORINOCO OIL BELT, WHICH WAS DEVELOPED BY INTEVEP, IN ORDER TO PROVIDE AN ALTERNATIVE USE FOR THE INMENSE RESOURCES OF THE AREA. THIS PRODUCT HAS PROVEN SUCCESFULL AS A COST EFFECTIVE POWER PLANT FUEL, AND CURRENTLY IS BEING USED IN EUROPE AND ASIA. THE PROJECTED GROWTH IN ORIMULSION WIL BE BY STEPS AS SHOWN, AND OPEN TO THE PARTICIPATION OF THIRD PARTY INVESTORS
  25. IN ORDER TO MEET THE GOALS INCLUDED IN OUR BUSINESS PLAN, PDVSA WILL INVEST A TOTAL OF 55 BILLION DOLLARS DURING THE NEXT TEN YEARS. AS YOU CAN SEE THE DISTRIBUTION OF TOTAL INVESTMENT, REFLECTS THE SHAREHOLDERS GUIDELINE OF CONCENTRATING IN THE CORE BUSINESS OF E&P AND R&M. ADDITIONALLY, OUR BUSINESS PLAN REQUIRES A SIGNIFICANT PARTICIPATION OF FOREIGN INVESTORS. OF THE 55 BILLION DOLLARS INVESTMENT, ONLY 42% WILL BE FUNDED BY PDVSA. IN GAS & PETROCHEMICALS WE EXPECT TO HAVE A SHARE LOWER THAN 30%.
  26. IN SUMMARY, PETROLEOS DE VENEZUELA´S BUSINESS PLAN IS BASED ON OUR COUNTRY´S LARGE RESOURCES, BUT ALSO CONSIDERS OUR COMPETITIVE ADVANTAGES SUCH AS OUR GEOGRAPHICAL LOCATION, OUR QUALIFIED PERSONNEL AND OUR TECHNOLOGY. ALSO, VERY STRONG FINANCIAL FUNDAMENTALS IS CONSIDERED PROVIDING EXCELLENT OPPORTUNITIES FOR THE PRIVATE INVESTORS. THANK YOU FOR YOUR ATTENTION ...