Petróleos de Venezuela, SA is a Venezuelan state company, began operations on January 1, 1976 and whose activities are the exploitation, production, refining, marketing and transportation of Venezuelan oil as well as the Orimulsion, chemical, petrochemical and coal businesses.

Venezuela is the holder of the largest proven heavy crude oil reserves in the world, with 300,878 MMBLS million barrels until December 2016. Therefore, the business strategy focuses on increasing efforts to replace our reserves in traditional areas , developing new areas of production in heavy crudes, in accordance with market demands and with the agreements reached between members of OPEC and other oil-producing countries.