Petrocarabobo S.A. is a Venezuelan mixed-capital oil company (empresa mixta) established in May 2010 to develop and produce extra-heavy crude oil from the Carabobo 1 Norte and Carabobo 1 Centro blocks within the Orinoco Oil Belt in eastern Venezuela.
The company focuses on upstream oil and gas activities, specifically heavy-oil field development and crude production. It commenced commercial production in late 2012 and has a designed capacity of up to 400,000 barrels per day, although actual output levels have fluctuated over time due to operational and market conditions.
Ownership is structured with Petróleos de Venezuela S.A. (PDVSA) holding the majority stake of approximately 71 percent. International partners include Repsol S.A. with 11 percent, ONGC Videsh Ltd with 11 percent, Indian Oil Corporation Ltd with 3.5 percent, and Oil India Ltd with 3.5 percent. Malaysian firm Petronas previously participated but exited the venture around 2026 amid reported disagreements with PDVSA.
Headquartered in Caracas at facilities associated with PDVSA, Petrocarabobo operates as one of several joint ventures formed under Venezuelan hydrocarbons law to exploit the vast reserves of the Orinoco Belt. It contributes to national oil output through state-foreign partnerships and has been referenced in recent updates on Repsol's Venezuelan operations.
Also known as Empresa Mixta Petrocarabobo.
None yet. When a new project in the record names Petrocarabobo as owner, partner or investor, it shows here.
Plans include renewable hydrogen, a renewable-fuel plant, pumped hydro expansion and a circular methanol facility; extends customer fuel discounts and launches a new €950m buyback.
