PDVSA의 두 가지 임무: 베네수엘라 국영석유회사의 정치적 역할

Abstract

With the global demand for oil continuously increasing and new oil fields becoming more difficult to find, national oil companies (NOCs) of oil‐producing countries have become increasingly dominant players in the global oil market. Although NOCs contribute to the creation of national wealth, their huge social contributions often hampered their competitiveness. PDVSA, a Venezuelan national oil company, is a typical example of this political dilemma. This paper examines how PDVSA has dealt with these contradictory missions and what remains as a challenge to determine its characteristics. In recent decades, the Chávez government has tried to realize its political ideal, Bolivarian Revolution, and PDVSA has functioned as an institution underwriting this political goal, which in turn has led to the company’s low productivity and declining investment activity. Since the recent global financial crisis, however, the Chávez government has started to encourage foreign capital to address the country’s financial problems, indicating that PDVSA’s focus may shift to commercialization and internationalization. The characteristics of PDVSA will be determined by future oil prices, the feasibility of the massive deposit of non‐conventional, extra‐heavy oil in the Orinoco Belt, the relation with foreign investors as well as its relations with the government.