As a result of the sovereign decision and the right to administer our immense oil and energy wealth for the benefit of Venezuela, it became necessary to form the Corporación Venezolana del Petróleo (CVP), an organization that controls the business with domestic and international private companies, and state corporations from allied nations.
Those who are part of this subsidiary of Petróleos de Venezuela, SA, have not only demonstrated to have capacity and values but also have administered and controlled PDVSA business with third parties while maximizing the value of hydrocarbons for the Venezuelan state.
CVP has administered 44 joint ventures for the production and upgrading of light, medium, heavy and extra heavy crude oil while adhering to the legal framework for oil activities in the country. It has majority share capital and encourages and promotes the domestic and international investment required to comply with the Homeland Plan Act and the 2016-2026 PDVSA Strategic Socialist Plan (PES).
We are Forging Closer Bonds with the World
Venezuela is clearly established internationally as the country with the largest oil reserves in the world. This offers attractive possibilities, as the rational exploitation of this non-renewable resource requires partnerships and investments -they make it possible for us to meet the goals of the 2016-2025 Strategic Socialist Plan of Petróleos de Venezuela S.A (PDVSA), while respecting the environment, the current legal framework and the Venezuelan people.
It is the beginning of a new era where the National Government through PDVSA and the Corporación Venezolana del Petróleo (CVP) strengthens its role in the administration and exploitation of hydrocarbons by establishing Joint Ventures as a business model with the state always the majority stakeholder.
Since 2006, in this geopolitical scenario, we have established new partnerships with state and private companies from Europe, Asia, Africa and the Americas. They offer their experience, technology and resources to produce oil for the benefit of Venezuelan society and the peoples of the world.
A solid legal framework
In December 1999, the Venezuelan people approved a new Constitution that favors and realizes the ideal of Liberator Simón Bolívar by establishing that our hydrocarbon reservoirs belong to the Republic of Venezuela and are public property, therefore inalienable and imprescriptible.
Article 303 of the Constitution defines the possibilities for international participation, either state of private, as well as private domestic initiatives in subsidiaries, companies or any other legal entity that has been constituted or is constituted as a result of the business development of Petróleos de Venezuela, S.A.
The organic laws that support energy endeavors, as well as the Homeland Plan Act, set as a priority to develop our oil reserves thus making Venezuela a social, economic and political leader –a key step to strengthening our role as a World Energy Power.
Endless and clearly defined opportunities make Venezuela a fertile ground for investment in our oil business. We have the support of talented, well-trained and experienced men and women, committed to participate on the way to our Full Oil Sovereignty.
The 44 oil producing joint ventures of the Corporación Venezolana del Petróleo are located in the West, East, Offshore, and the Hugo Chávez Orinoco Oil Belt. They boost production in existing fields and new developments.
