What Are the Natural Resources of Venezuela?
Some of Venezuela’s natural resources include petroleum, natural gas, gold, bauxite, iron ore, diamonds and hydroelectric power. Petroleum, as well as other petroleum-derived commodities, account for around 95 percent of the country’s total export revenues, with the combined oil and gas industries contributing an estimated 25 percent to Venezuela’s Gross Domestic Product.
Venezuela is situated in the northern coastal region of the South American continent along the Caribbean Sea. The country encompasses a total area of around 352,144 square miles, sharing land borders with Colombia, Brazil and Guyana.
Venezuela is one of the leading global producers and exporters of petroleum. As of 2014, the country has 298,350 million barrels of proven crude oil reserves with 2,789 barrels per day of petroleum production, based on an online report by the Organization of the Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member. The republic also has abundant deposits of natural gas, with 5,581 billion cubic meters of proven natural gas reserves and an economic output of 21,820 million cubic meters.
Aside from exporting crude oil and refined petroleum products, Venezuela exports the majority of its natural resources, including aluminum, bauxite and mineral ores. The country also heavily relies on its vast hydroelectric sources for its supply of electricity. Excessive electrical utilization has led the government to plan for future expansion of its hydro-power production.