PDVSA president believes OPEC will contribute larger oil and gas volumes in coming years

Sept. 20, 2004
The world's oil market will require increasing volumes of oil and natural gas in the future from the geographic regions that form the Organization of Petroleum Exporting Countries, said the head of state-owned oil company Petroleos de Venezuela SA (PDVSA).

By OGJ editor
HOUSTON, Sept. 20 -- The world's oil market will require increasing volumes of oil and natural gas in the future from the geographic regions that form the Organization of Petroleum Exporting Countries, said the head of state-owned oil company Petroleos de Venezuela SA (PDVSA).

"This is not a matter of ideologies or politics, but a reality," said PDVSA Pres. Alí Rodríguez Araque on Sept. 14 during a conference "Assured Oil Supply—The Venezuelan Example" held in Vienna and organized by the International Institute for Peace (IIP) and the Venezuela embassy.

During the coming decades, the global market will dramatically raise its demands for oil and gas to satisfy increasing demand and assure economic and social development. Studies have indicated that 80% of proven oil and gas reserves in the world are in OPEC countries.

"We need to accept this reality instead of making decisions that will imply larger costs and risks for energy security," Rodríguez said.

He believes that oil and gas will continue to be the predominant energy sources because they the least costly and most versatile compared with alternate energy sources available today.

"I do not mean to minimize the importance of additional energy sources, but I believe that these have been generally overestimated by good intentioned people who worry about the environment and the energy's future, but who have not fully considered the complexity and scope of the world's energy system," Rodríguez said.

Venezuela plays a key role in assuring the world's energy supply, he added.

IIP Director Peter Stania said, "at times when there is talk of scarcity in the world's energy market, it is important to know the vision and plans of a corporation such as PDVSA. We consider PDVSA is giving a new and praiseworthy example, promoting integration, democracy, and peace, using oil and gas resources to drive sustainable development."