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Spanish to English: Oil Crisis in Venezuela General field: Social Sciences Detailed field: Government / Politics
Source text - Spanish Crisis petrolera en Venezuela
Venezuela inicia la explotación petrolera industrial en las primeras décadas del siglo XX convirtiéndose en uno de los principales países tanto productores como exportadores de petróleo del mundo, alcanzando su máxima productividad en los años 1970.1 Actualmente se lo considera el país con las mayores reservas de crudo pesado y el de mayor reserva de crudo liviano en el hemisferio occidental.2
En sus inicios, la explotación y comercialización del crudo venezolano y sus derivados se hizo a través de empresas extranjeras mediante el otorgamiento de concesiones. En efecto, durante los gobiernos de Cipriano Castro y Juan Vicente Gómez se implementaron políticas de otorgamiento de concesiones a empresas que poseían la tecnología necesaria para la explotación de hidrocarburos, destacando la Caribbean Petroleum, una subsidiaria de la anglo-neerlandesa Royal Dutch Shell Royal.3
En 1960 Venezuela funda, junto con otros cuatro países del medio oriente, la Organización de Países Exportadores de Petróleo (OPEP) y crea la Corporación Venezolana de Petróleo (CVP), dependencia que se adscribe al Ministerio de Minas e Hidrocarburos, con el propósito específico de tener un mayor control de las operaciones petroleras. Sin embargo este objetivo no se alcanza y siguen siendo las empresas extranjeras quienes se reservan el manejo mayoritario de la explotación y comercialización petrolera.4
Con la promulgación, en 1975, de la Ley de nacionalización o Ley que Reserva al Estado la Industria y el Comercio de Hidrocarburos, el Ejecutivo Nacional asume el control de la exploración, explotación y comercio de hidrocarburos, declarando extinguidas todas las concesiones otorgadas a empresas extranjeras5. Ese mismo año se crea la empresa estatal Petróleos de Venezuela Sociedad Anónima (PDVSA) y aquellas compañías petroleras extranjeras que una vez hicieron negocios en Venezuela, fueron reemplazadas por empresas venezolanas filiales de PDVSA. Esta compañía pasó a controlar toda la actividad de explotación de hidrocarburos en Venezuela y llegó a ser considerada la segunda corporación petrolera más importante del mundo.6
A partir de 1982 PDVSA inicia un proceso de internacionalización que supuso la adquisición de refinerías, centros de almacenaje y terminales en Europa, Estados Unidos y el Caribe.7 En la década de los noventa, las condiciones económicas del país, entre ellas la deuda pública, así como la evolución del mercado petrolero llevan a abrir procesos de privatización para permitir que el país tenga acceso a fuentes alternas de inversión. Este proceso se conoce como La apertura petrolera y se desarrolla mediante convenios de asociación y convenios operativos con empresas extranjeras.8
Sin embargo, tras la llegada de Hugo Chávez al poder en 1999, estos procesos dan un viraje para adecuarse a una nueva geopolítica petrolera ajustada al “socialismo del siglo XXI”.9 Ello supuso la confiscación de derechos de empresas extranjeras las cuales demandarían al Estado venezolano enfrentando éste sentencias condenatorias.10
Tras haber ocupado los primeros lugares como productor y exportador de petróleo del mundo, la actividad petrolera de Venezuela comienza a descender y ya en 2020 va a registrar la producción más baja en 80 años.11 12 A continuación, se explica cómo esto ocurrió.
Translation - English Oil Crisis in Venezuela
Venezuela starts the oil industry in the first decades of the 20th. Century when it became one of the primary producers and exporters of crude, which peaked in the seventies.1 Venezuela is currently considered the country with the largest reserves of heavy crude and the largest reserve of light crude in the western hemisphere.2
During the Venezuelan oil industry’s infancy, foreign companies were assigned to the exploitation and trade of Venezuelan crude and its by-products through concession policies. In this context, the governments of Cipriano Castro and Juan Vicente Gomez implemented the policies for the granting of concessions to companies that held the technology for the exploitation of hydrocarbons. The Caribbean Petroleum, a subsidiary of the Anglo-Dutch company Royal Dutch Shell3 stood out among them.
In 1960, Venezuela established with four middle east countries, the Organization of the Petroleum Exporting Countries (OPEC), and also founded the Venezuelan Corporation of Petroleum (CVP), an agency attached to the Ministry of Mines and Hydrocarbons with the sole purpose of having tighter control of the oil operations. However, the CVP could not reach this target, so the foreign oil companies held the core of the exploitation and trade to themselves instead of the CVP.4
With the passing in 1975 of the Nationalization Law or Law That Reserve To The State the Industry And Commercialization Of Hydrocarbons, the National Executive took control of the exploring, exploiting, and trading hydrocarbons while declaring as extinguished to all concessions granted to foreign oil companies.5 In that same year, the State Oil company - Petróleos de Venezuela Sociedad Anónima (PDVSA) - was established. As a result, Venezuelan oil companies that were subsidiaries of PDVSA substituted those foreign oil companies that once did business in Venezuela. In short, PDVSA became to control all activities related to the exploitation of hydrocarbons in Venezuela and hence considered the second most important oil corporation in the world.6
In 1982, PDVSA started an internationalization process involving the acquisition of oil refineries, storage centers, and terminals in Europe, the United States, and the Caribbean.7 In the nineties, the country's economic conditions - the gross public debt among them - and the evolution of the oil market conducted to the opening of privatization processes for allowing the country to access alternate sources of investment. This process is known as The Oil Overture and became implemented by executing association and operating agreements signed by the Venezuelan government with foreign oil companies.8
However, these processes took a hairpin turn after Hugo Chavez took office in 1999 to adopt a new geopolitical oil policy adapted to the "21st. Century Socialism."9 It involved the confiscation of rights to foreign oil companies who filed lawsuits against the State of Venezuela that conduced to face condemnatory sentences. 10 After holding a world-class position as a producer and exporter of oil, it started to downgrade. In 2020 it registered the lowest oil production in 80 years.1112For a better understanding, it is necessary to explain how it occurred.
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Years of experience: 13. Registered at ProZ.com: Apr 2018. Became a member: Oct 2022.
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