18//06/09
Ambassador Moncada speaks about the important role Venezuela plays in the Latin American Energy sector.

Embassy of the Bolivarian Republic of Venezuela and Windsor Energy Group (WEG) hosted the “Latin American and Energy Roundtable” conference in the Bolivar Hall, this was to highlight the importance of energy sectors in Latin America.

The conference was divided in to panel discussions which included contributions from the Ambassadors to the United Kingdom for Venezuela (HE Samuel Moncada), Bolivia (HE Beatriz Souviron), Colombia (HE Noemí Sanín), Cuba (HE René Mujica),  the Minister -Counsellor for Economic and Financial Affairs at the Embassy of Brazil (Flavio Marega) and the Minister Counsellor at the Embassy of Mexico (Abel Abarca Ayala).

The first part of the panel discussions was opened by Venezuelan Ambassador HE Samuel Moncada. During Ambassador Moncada’s discussion he spoke about the importance of the Venezuelan energy sector which has been managed by PDVSA. He gave a brief history about the origins of Venezuela’s oil industry

Despite 100 years of oil exploration and production, Venezuela has had many oil booms and bust but yet still oil still remains as the main resource for Venezuela.

Venezuela will soon become the country with the largest oil reserves in the world and the 8th in the gas sector. It will be the first country in Latin America and 8th in the world.

Ambassador Moncada made a point about the future of reserves and the oil industry in Venezuela and how it is playing a vital role in the Venezuelan energy sector. “Venezuela produces 3,502 million barrels per day in crude oil which is expected to increase in 10 years time reaching 6,022 million barrels per day”

As well as discussing the future on the oil industry in Venezuela, Ambassador Moncada went on to futher explain about future plans. “In Venezuela there are plans to invest money in building new refineries in the domestic market and international market. This will also focus on building relations with new customers such as : China, Vietnam and Central America. This will be an important part in our expansion plan, which will help to diversify the growth of our industry”.

Embassy of the Bolivarian Republic of Venezuela Press Office