Table of Contents Table of Contents 2 List of Tables 3 List of Figures 4 Company Snapshot 6 Key Information 6 Company Overview 6 Key Valuation Metrics, 2011-2015 7 Petroleos de Venezuela S.A., Production and Reserves Trends 8 Total Oil and Gas, Reserves and Production 8 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 8 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 10 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 12 Crude Oil/Liquids Production and Reserve 13 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 13 Crude Oil Production and Reserves By Country/Region, 2011-2015 14 Crude Oil/Liquids Reserve Changes, 2011-2015 16 Natural Gas Production and Reserve 17 Natural Gas Production and Reserve Trend, 2011-2015 17 Natural Gas Production and Reserves, By Country/Region, 2011-2015 18 Natural Gas Reserve Changes, 2011-2015 20 Total Crude Oil and Natural Gas Reserves Life Index 21 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 21 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 22 Petroleos de Venezuela S.A., E&P Costs Trends 24 Allocation of the Upstream Capital Expenditure 24 Upstream Capital Expenditure, 2011-2015 24 Exploration and Development Costs, By Country/Region, 2011-2015 25 Oil and Gas Cost Per boe, US$/boe 27 Oil and Gas Cost Per boe, US$/boe, 2011-2015 27 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 29 Petroleos de Venezuela S.A., Reserve Replacement Ratio 31 Oil and Gas Production Replacement Ratio 31 Oil and Gas Production Replacement Ratio, 2011-2015 31 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 33 Petroleos de Venezuela S.A., Results of Oil & Gas Operations Trend 37 Oil and Gas Revenue and Expenses 37 Oil and Gas Revenue and Expenses, 2011-2015 37 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 38 Oil and Gas Revenue and Expenses, Per boe 43 Oil and Gas Revenue and Expenses, By boe, 2011-2015 43 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 44 Oil and Gas Performance Metrics 48 Recent Developments 49 Petroleos de Venezuela S.A. - Recent Developments 49 Oct 03, 2016: PDVSA: Venezuela Will Be The Largest Gas Producer In Latin America 49 Sep 29, 2016: PDVSA: Production Freeze Agreement Will Stabilize The Oil Market 50 Sep 27, 2016: PDVSA Signed Contract With Petromil Gas For Gas Exports To Colombia 50 Sep 23, 2016: PDVSA: New Scheme Will Increase Production In The Hugo Chavez Orinoco Oil Belt 51 Sep 23, 2016: PDVSA Invests $138 Million For Petroleum Coke Handling And Disposal 51 Sep 22, 2016: PDVSA Ratifies Commitment And Operational Continuity In Isla Refinery 52 Sep 21, 2016: PDVSA Launches One Of The World's Largest Drilling Projects In The Hugo Chavez Orinoco Oil Belt 52 Sep 10, 2016: PDVSA Curacao Refinery Continues To Be In Operation Through Light Crude Supply Agreements 53 Sep 07, 2016: PDVSA: Crude Oil Production At The Close Of August Averaged 2.530 MMBD 53 Sep 04, 2016: PDVSA Assumes Operational Continuity Of Barges Shipping In Lake Maracaibo 53 Appendix 54 Methodology 54 Coverage 54 Secondary Research 54 Primary Research 54 Data Information Sources 55 Company Source 55 SEC/Other Regulatory Filings 55 Other Sources 55 Expert Panel Validation 55 Data Definition 55 Oil and Gas Reserves 55 Units of Measure 56 About GlobalData 56 Disclosure 56 Disclaimer 56

List of Tables Table 1: Petroleos de Venezuela S.A., Key Facts 6 Table 2: Petroleos de Venezuela S.A., Key Valuation Metrics, 2011-2015 7 Table 3: Petroleos de Venezuela S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 9 Table 4: Petroleos de Venezuela S.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 11 Table 5: Petroleos de Venezuela S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 12 Table 6: Petroleos de Venezuela S.A., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 13 Table 7: Petroleos de Venezuela S.A., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 15 Table 8: Petroleos de Venezuela S.A., Crude Oil Reserve Changes, mmbbl, 2011-2015 16 Table 9: Petroleos de Venezuela S.A., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 17 Table 10: Petroleos de Venezuela S.A., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 19 Table 11: Petroleos de Venezuela S.A., Natural Gas Reserve Changes, bcf, 2011-2015 20 Table 12: Petroleos de Venezuela S.A., Oil and Gas Reserves Life Index, Years, 2011-2015 21 Table 13: Petroleos de Venezuela S.A., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 23 Table 14: Petroleos de Venezuela S.A., Upstream Capital Expenditure, US$ mil, 2011-2015 24 Table 15: Petroleos de Venezuela S.A., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 26 Table 16: Petroleos de Venezuela S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 28 Table 17: Petroleos de Venezuela S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 30 Table 18: Petroleos de Venezuela S.A., Oil and Gas Production Replacement Ratio, %, 2011-2015 32 Table 19: Petroleos de Venezuela S.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 36 Table 20: Petroleos de Venezuela S.A., Revenue and Expenses, US$ mil, 2011-2015 37 Table 21: Petroleos de Venezuela S.A., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 42 Table 22: Petroleos de Venezuela S.A., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 43 Table 23: Petroleos de Venezuela S.A., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 47 Table 24: Petroleos de Venezuela S.A., Oil and Gas Performance Metrics, 2011-2015 48 List of Figures Figure 1: Petroleos de Venezuela S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 8 Figure 2: Petroleos de Venezuela S.A., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 10 Figure 3: Petroleos de Venezuela S.A., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 10 Figure 4: Petroleos de Venezuela S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 12 Figure 5: Petroleos de Venezuela S.A., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 13 Figure 6: Petroleos de Venezuela S.A., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 14 Figure 7: Petroleos de Venezuela S.A., Oil Production, By Country/Region, mmbbl, 2011-2015 14 Figure 8: Petroleos de Venezuela S.A., Crude Oil Reserve Changes, mmbbl, 2015 16 Figure 9: Petroleos de Venezuela S.A., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 17 Figure 10: Petroleos de Venezuela S.A., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 18 Figure 11: Petroleos de Venezuela S.A., Gas Production, By Country/Region, bcf, 2011-2015 18 Figure 12: Petroleos de Venezuela S.A., Natural Gas Reserve Changes, bcf, 2015 20 Figure 13: Petroleos de Venezuela S.A., Oil and Gas Reserves Life Index, Years, 2011-2015 21 Figure 14: Petroleos de Venezuela S.A., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 22 Figure 15: Petroleos de Venezuela S.A., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 22 Figure 16: Petroleos de Venezuela S.A., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 23 Figure 17: Petroleos de Venezuela S.A., Upstream Capital Expenditure, US$ mil, 2011-2015 24 Figure 18: Petroleos de Venezuela S.A., Development Costs, By Country/Region, US$ mil, 2011-2015 25 Figure 19: Petroleos de Venezuela S.A., Exploration Costs, By Country/Region, US$ mil, 2011-2015 25 Figure 20: Petroleos de Venezuela S.A., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 27 Figure 21: Petroleos de Venezuela S.A., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 29 Figure 22: Petroleos de Venezuela S.A., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 29 Figure 23: Petroleos de Venezuela S.A., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 30 Figure 24: Petroleos de Venezuela S.A., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 31 Figure 25: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 33 Figure 26: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 33 Figure 27: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 34 Figure 28: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 34 Figure 29: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 35 Figure 30: Petroleos de Venezuela S.A., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 35 Figure 31: Petroleos de Venezuela S.A., Revenue and Expenses, US$ mil, 2011-2015 37 Figure 32: Petroleos de Venezuela S.A., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 38 Figure 33: Petroleos de Venezuela S.A., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 38 Figure 34: Petroleos de Venezuela S.A., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 39 Figure 35: Petroleos de Venezuela S.A., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 39 Figure 36: Petroleos de Venezuela S.A., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 40 Figure 37: Petroleos de Venezuela S.A., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 40 Figure 38: Petroleos de Venezuela S.A., Production Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 39: Petroleos de Venezuela S.A., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 40: Petroleos de Venezuela S.A., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 43 Figure 41: Petroleos de Venezuela S.A., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 44 Figure 42: Petroleos de Venezuela S.A., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 44 Figure 43: Petroleos de Venezuela S.A., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 45 Figure 44: Petroleos de Venezuela S.A., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 45 Figure 45: Petroleos de Venezuela S.A., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 46: Petroleos de Venezuela S.A., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 47: Petroleos de Venezuela S.A., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 48: Petroleos de Venezuela S.A., Oil and Gas Performance Metrics, 2011-2015 48