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Petroleos de Venezuela (PDVSA)

Petróleos de Venezuela SA (PDVSA) is a state-owned fully integrated oil and gas company headquartered in Venezuela. In 2020, it did not report its revenue and number of employees. PDVSA’s oil and gas outputs are at a record low due to economic sanctions imposed on Venezuela by the USA. It shows no signs of climate awareness and is disengaged from the low-carbon transition.

Summary

Petróleos de Venezuela SA (PDVSA) ranks joint 84th with an ACT rating of 0.6E-. There is no evidence that PDVSA is aware of climate change or is addressing its impact on the company. PDVSA has not published any reports since 2016, and its website does not mention climate change. As a result, the company scores zero on all qualitative benchmark assessment areas. Its performance on quantitative assessment areas is also lacking.

Although PDVSA’s production declined to historic lows in recent years, the emissions intensity of its fuel mix and product mix increased due to an increasing share of highly emissions-intensive Venezuelan oil. PDVSA is one of the few companies projected to remain within its 1.5°C carbon budget by 2050. However, this may likely change given the Venezuelan government’s projected regrowth of its oil and gas industry and the company’s lack of low-carbon business activities.

Ranking position: #84 /100
Total score: 1.4 /100
Performance score: 0.6 /20
Narrative Score: ABCDE
Trend Score: Trend line is up

Trend line is equal

Trend line is down

Performance module name	Performance module score	Rank (0-100)
Targets	0.0 /100	#38
Material Investment	15.5 /100	#13
Intangible Investment	0.0 /100	#20
Sold products	0.0 /100	#55
Management	0.0 /100	#91
Supplier Engagement	0.0 /100	#57
Client Engagement	0.0 /100	#53
Policy Engagement	10.0 /100	#69
Business Model	0.0 /100	#52

Leading practices

No leading practices were identified for this company.

All modules: PDVSA is exposed to risks across every assessment area. It is not engaging with the low-carbon transition and so will not be prepared for changes to the sector. The company’s revenues are wholly reliant on oil and gas.

Trend

PDVSA receives a trend score of -. If the company were reassessed in the near future, its score would likely decrease. With no evidence that the company is aware of climate change issues or is engaged with the low-carbon transition, it seems unlikely that its emissions will decrease, especially as the Venezuelan government sees rebuilding the oil industry as economically necessary. PDVSA appears wholly dependent on the recovery of its fossil fuel business, and there are no indications that it has any plans or strategy for new low-carbon business activities.

Commitment: PDVSA has not set any low-carbon commitments or emissions reduction targets.
Transition plan: PDVSA does not have a low-carbon transition plan.
Present: PDVSA is experiencing a historic low in oil and gas outputs due to economic sanctions imposed on Venezuela by the USA.
Legacy: PDVSA’s oil and gas production plummeted between 2014 and 2019, resulting in a drop in the company’s absolute emissions. However, the intensity of its emissions have actually increased due to highly emissions-intensive Venezuelan oil occupying a greater share of the fuel mix and product mix.
Consistency: There are no signs that PDVSA is engaging with the low-carbon transition. It has no climate strategy or transition plan and is not pursuing low-carbon business activities. As such, it will not be prepared for the transition to a low-carbon economy.

More about the company

Headquarters: Caracas, Venezuela
Group revenue: No data available
Ownership structure: State owned
Number of employees: No data available
Scope of activity: Fully integrated
Website: http://www.pdvsa.com/

Petroleos de Venezuela (PDVSA)

Leading practices

Risks and opportunities

All modules

Trend

Progress towards the Paris Agreement

Commitment

Transition plan

Present

Legacy

Consistency

More about the company