• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 2 days Science: Only correct if it fits the popular narrative
  • 3 hours Impeachment S**te
  • 2 days Crazy Stories From Round The World
  • 13 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Everything You Need To Know About Trump
  • 10 hours 55.00 WTI
  • 12 hours Water, Trump, and Israel’s National Security
  • 1 day IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 9 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 hour Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 17 hours Last I Checked
Alt Text

All Eyes On OPEC As Another Oil Glut Looms

As its semi-annual meeting nears,…

Alt Text

The Five Biggest Enemies Of Oil & Gas

The oil and gas industry…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Venezuela’s PDVSA Faces Mass Exodus Of Workforce

PDVSA, Venezuela’s state-oil company, is losing workers by the thousands, with as many as 10,000 leaving the company in just one week of January, media report, citing protests against low wages and the growing risk of accidents due to lack of equipment maintenance. The situation, according to Univision, has escalated to such an extent that PDVSA’s board of directors has stopped accepting letters of resignation.

Venezuela’s main source of revenues, PDVSA, today produces around 1.6 million barrels of crude daily, the lowest in 30 years and down from 3.8 million bpd back in 1999 when Hugo Chavez came into power. Now, pressured by a deteriorating economy and sanctions, the oil company has no means to maintain its equipment and production, and it can’t hold on to its workforce.

As of August 2016, there were 143,000 people working for PDVSA. That figure has dwindled significantly, with the 10,000-weekly exodus representing 7 percent of the August 2016 figure. A regional oil and gas trade union leader told Univision that the workers no longer cared about receiving a severance package when they quit, as their salaries have become chump change amid inflation that has soared to ridiculous heights.

One Venezuelan oil analyst noted that this is the first exodus of such proportions, not just in Venezuela but in the history of the oil industry. What’s perhaps worse than the scale of the problem is the qualification of those that are leaving, no longer just common laborers but engineers with years of experience. This will further harm PDVSA, which is already struggling. Related: Shale Industry May Finally See Some Profits

In late January, Venezuela’s oil minister said that it could “can easily manage” an oil production increase of 1 million bpd this year to lift its production capacity to 2.472 million bpd. But last year the country sitting on the world’s largest oil reserves saw its crude oil production drop by 649,000 bpd—a 29-percent annual plunge—and probably the worst loss of oil production in a single year in recent history.

Now that PDVSA workers are leaving in droves, if we are to believe the media reports, the production increase Manuel Quevedo told S&P Platts about looks increasingly unlikely.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play