[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/eee/enepol/v61y2013icp51-59.html
   My bibliography  Save this article

Will Venezuelan extra-heavy oil be a significant source of petroleum in the next decades?

Author

Listed:
  • Sena, Marcelo Fonseca Monteiro de
  • Rosa, Luiz Pinguelli
  • Szklo, Alexandre
Abstract
Unconventional oil resources are needed to complement petroleum supply in the next decades. However, given the restrictions that pertain to the production of these resources, this article evaluates the availability of Venezuelan unconventional oil for helping meet the future worldwide petroleum demand. Venezuela has the world's second-largest oil reserves, but the majority of it is unconventional extra-heavy oil from the Orinoco Oil Belt. The perspective of Venezuelan production, the ways in which PDVSA, the state oil company, will raise funds for planned investments and the future oil price predictions are used to assess Venezuela's ability to serve as a source of unconventional oil in the coming years. Findings indicate that Venezuelan crude oil will be increasingly able to provide part of the marginal petroleum supply at a level predicted in global scenarios but short of that predicted by the country's government. Operational difficulties and the effort to raise financial resources for the oil production in the Belt require urgency in overcoming difficulties. As conventional production in Venezuela will stabilise in the coming years and the country is dependent on oil production, Venezuela will rely on extra-heavy oil extraction to ensure increased oil production and the stabilisation of internal accounts.

Suggested Citation

  • Sena, Marcelo Fonseca Monteiro de & Rosa, Luiz Pinguelli & Szklo, Alexandre, 2013. "Will Venezuelan extra-heavy oil be a significant source of petroleum in the next decades?," Energy Policy, Elsevier, vol. 61(C), pages 51-59.
    • Handle: RePEc:eee:enepol:v:61:y:2013:i:c:p:51-59
    DOI: 10.1016/j.enpol.2013.05.101
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301421513004564
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.enpol.2013.05.101?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Méjean, Aurélie & Hope, Chris, 2008. "Modelling the costs of non-conventional oil: A case study of Canadian bitumen," Energy Policy, Elsevier, vol. 36(11), pages 4205-4216, November.
    2. Tsoskounoglou, Miltos & Ayerides, George & Tritopoulou, Efi, 2008. "The end of cheap oil: Current status and prospects," Energy Policy, Elsevier, vol. 36(10), pages 3797-3806, October.
    3. Thomas, Steve, 2012. "What will the Fukushima disaster change?," Energy Policy, Elsevier, vol. 45(C), pages 12-17.
    4. Verbruggen, Aviel & Al Marchohi, Mohamed, 2010. "Views on peak oil and its relation to climate change policy," Energy Policy, Elsevier, vol. 38(10), pages 5572-5581, October.
    5. Reynolds, Douglas B. & Pippenger, Michael K., 2010. "OPEC and Venezuelan oil production: Evidence against a cartel hypothesis," Energy Policy, Elsevier, vol. 38(10), pages 6045-6055, October.
    6. Höök, Mikael & Hirsch, Robert & Aleklett, Kjell, 2009. "Giant oil field decline rates and their influence on world oil production," Energy Policy, Elsevier, vol. 37(6), pages 2262-2272, June.
    7. de Castro, Carlos & Miguel, Luis Javier & Mediavilla, Margarita, 2009. "The role of non conventional oil in the attenuation of peak oil," Energy Policy, Elsevier, vol. 37(5), pages 1825-1833, May.
    8. Soderbergh, Bengt & Robelius, Fredrik & Aleklett, Kjell, 2007. "A crash programme scenario for the Canadian oil sands industry," Energy Policy, Elsevier, vol. 35(3), pages 1931-1947, March.
    9. Watkins, G.C., 2006. "Oil scarcity: What have the past three decades revealed?," Energy Policy, Elsevier, vol. 34(5), pages 508-514, March.
    10. Greene, David L. & Hopson, Janet L. & Li, Jia, 2006. "Have we run out of oil yet? Oil peaking analysis from an optimist's perspective," Energy Policy, Elsevier, vol. 34(5), pages 515-531, March.
    11. Szklo, Alexandre Salem & Machado, Giovani & Schaeffer, Roberto & Felipe Simoes, Andre & Barboza Mariano, Jacqueline, 2006. "Placing Brazil's heavy acid oils on international markets," Energy Policy, Elsevier, vol. 34(6), pages 692-705, April.
    12. Adelman, M. A., 2003. "Comment on: R.W. Bentley, "Global oil & gas depletion", Energy Policy 30 (2002) 189-205," Energy Policy, Elsevier, vol. 31(4), pages 389-390, March.
    13. Gowdy, John & Juliá, Roxana, 2007. "Technology and petroleum exhaustion: Evidence from two mega-oilfields," Energy, Elsevier, vol. 32(8), pages 1448-1454.
    14. Persson, Tobias A. & Azar, C. & Johansson, D. & Lindgren, K., 2007. "Major oil exporters may profit rather than lose, in a carbon-constrained world," Energy Policy, Elsevier, vol. 35(12), pages 6346-6353, December.
    15. Bentley, R. W., 2002. "Global oil & gas depletion: an overview," Energy Policy, Elsevier, vol. 30(3), pages 189-205, February.
    16. Owen, Nick A. & Inderwildi, Oliver R. & King, David A., 2010. "The status of conventional world oil reserves--Hype or cause for concern?," Energy Policy, Elsevier, vol. 38(8), pages 4743-4749, August.
    17. Bentley, R.W. & Mannan, S.A. & Wheeler, S.J., 2007. "Assessing the date of the global oil peak: The need to use 2P reserves," Energy Policy, Elsevier, vol. 35(12), pages 6364-6382, December.
    18. Sorrell, Steve & Speirs, Jamie & Bentley, Roger & Brandt, Adam & Miller, Richard, 2010. "Global oil depletion: A review of the evidence," Energy Policy, Elsevier, vol. 38(9), pages 5290-5295, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chávez-Rodríguez, Mauro F. & Dias, Luís & Simoes, Sofia & Seixas, Júlia & Hawkes, Adam & Szklo, Alexandre & Lucena, Andre F.P., 2017. "Modelling the natural gas dynamics in the Southern Cone of Latin America," Applied Energy, Elsevier, vol. 201(C), pages 219-239.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Delannoy, Louis & Longaretti, Pierre-Yves & Murphy, David J. & Prados, Emmanuel, 2021. "Peak oil and the low-carbon energy transition: A net-energy perspective," Applied Energy, Elsevier, vol. 304(C).
    2. Fantazzini, Dean & Höök, Mikael & Angelantoni, André, 2011. "Global oil risks in the early 21st century," Energy Policy, Elsevier, vol. 39(12), pages 7865-7873.
    3. McGlade, C.E., 2012. "A review of the uncertainties in estimates of global oil resources," Energy, Elsevier, vol. 47(1), pages 262-270.
    4. Dale, Michael & Krumdieck, Susan & Bodger, Pat, 2011. "Net energy yield from production of conventional oil," Energy Policy, Elsevier, vol. 39(11), pages 7095-7102.
    5. Brecha, Robert J., 2012. "Logistic curves, extraction costs and effective peak oil," Energy Policy, Elsevier, vol. 51(C), pages 586-597.
    6. Ali Mirchi & Saeed Hadian & Kaveh Madani & Omid M. Rouhani & Azadeh M. Rouhani, 2012. "World Energy Balance Outlook and OPEC Production Capacity: Implications for Global Oil Security," Energies, MDPI, vol. 5(8), pages 1-26, July.
    7. Verbruggen, Aviel & Al Marchohi, Mohamed, 2010. "Views on peak oil and its relation to climate change policy," Energy Policy, Elsevier, vol. 38(10), pages 5572-5581, October.
    8. Hosseini, Seyed Hossein & Shakouri G., Hamed, 2016. "A study on the future of unconventional oil development under different oil price scenarios: A system dynamics approach," Energy Policy, Elsevier, vol. 91(C), pages 64-74.
    9. Logar, Ivana & van den Bergh, Jeroen C.J.M., 2013. "The impact of peak oil on tourism in Spain: An input–output analysis of price, demand and economy-wide effects," Energy, Elsevier, vol. 54(C), pages 155-166.
    10. Jakobsson, Kristofer & Bentley, Roger & Söderbergh, Bengt & Aleklett, Kjell, 2012. "The end of cheap oil: Bottom-up economic and geologic modeling of aggregate oil production curves," Energy Policy, Elsevier, vol. 41(C), pages 860-870.
    11. Aleklett, Kjell & Höök, Mikael & Jakobsson, Kristofer & Lardelli, Michael & Snowden, Simon & Söderbergh, Bengt, 2010. "The Peak of the Oil Age - Analyzing the world oil production Reference Scenario in World Energy Outlook 2008," Energy Policy, Elsevier, vol. 38(3), pages 1398-1414, March.
    12. Jakobsson, Kristofer & Söderbergh, Bengt & Höök, Mikael & Aleklett, Kjell, 2009. "How reasonable are oil production scenarios from public agencies?," Energy Policy, Elsevier, vol. 37(11), pages 4809-4818, November.
    13. Sorrell, Steve & Speirs, Jamie & Bentley, Roger & Brandt, Adam & Miller, Richard, 2010. "Global oil depletion: A review of the evidence," Energy Policy, Elsevier, vol. 38(9), pages 5290-5295, September.
    14. Lin, Boqiang & Wang, Ting, 2012. "Forecasting natural gas supply in China: Production peak and import trends," Energy Policy, Elsevier, vol. 49(C), pages 225-233.
    15. Méjean, Aurélie & Hope, Chris, 2013. "Supplying synthetic crude oil from Canadian oil sands: A comparative study of the costs and CO2 emissions of mining and in-situ recovery," Energy Policy, Elsevier, vol. 60(C), pages 27-40.
    16. Harvey, L.D.D., 2013. "Global climate-oriented transportation scenarios," Energy Policy, Elsevier, vol. 54(C), pages 87-103.
    17. Robert J. Brecha, 2013. "Ten Reasons to Take Peak Oil Seriously," Sustainability, MDPI, vol. 5(2), pages 1-31, February.
    18. Meng, Q.Y. & Bentley, R.W., 2008. "Global oil peaking: Responding to the case for ‘abundant supplies of oil’," Energy, Elsevier, vol. 33(8), pages 1179-1184.
    19. Chapman, Ian, 2014. "The end of Peak Oil? Why this topic is still relevant despite recent denials," Energy Policy, Elsevier, vol. 64(C), pages 93-101.
    20. Chavez-Rodriguez, Mauro F. & Szklo, Alexandre & de Lucena, Andre Frossard Pereira, 2015. "Analysis of past and future oil production in Peru under a Hubbert approach," Energy Policy, Elsevier, vol. 77(C), pages 140-151.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:enepol:v:61:y:2013:i:c:p:51-59. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/enpol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.