Brief history of Venezuelan oil production
Category: Other
Updated: 30 Jan 2020
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Created bySaomiyan Mathetharan
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Events
1970 - Venezuela's oil production
reached an all-time high1976 - Oil industry was officially
nationalized & PDVSA was formed
(their state-owned oil company)1985 - Production begins to grow
once again, having earlier reduced by
50% from the peak of 19701997 - Venezuela opens up oil
industry to foreign investment
and develop the heavy oil in
the Orinoco Belt1998 - Venezuela's oil production recovers to 3.5 million1999 - Hugo Chávez begins
serving as president2003 - Chávez fires 19,000
employees of PDVSA and
replaces them with employees
loyal to his government2007 - Oil prices rise, so
Chávez government
changes agreements
with international oil
companies, giving PDVSA
majority control.
ExxonMobil and
ConocoPhillips had assets
(later found illegally)
expropropriated2013 - Nicolás Maduro
becomes president
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