When was oil discovered in Venezuela?
Economy of Venezuela
After oil was discovered in Venezuela in 1922 during the Maracaibo strike, Venezuela's dictator Juan Vicente Gómez allowed American oil companies to write Venezuela's petroleum law. In 1943, Standard Oil of New Jersey accepted a new agreement in Venezuela based on the 50–50 principle, described as "a landmark event". Even more favorable terms were negotiated in 1945, after a coup brought to power a left-leaning government that included Juan Pablo Pérez Alfonso.
History of the Venezuelan oil industry
All the new companies are owned by a holding company-Petroven or PDV- and which in turn is owned by the State. Ultimately not much had changed in this regard, as all Venezuelans with leading positions in the MNCs took over the leading positions of the respective new companies, and therefore still securing their interests in Venezuela's oil. PDVSA controls activity involving oil and natural gas in Venezuela. In 1980, in an aggressive internationalization plan, PDVSA bought refineries in USA and Europe as the American Citgo that catapulted it to the third-largest oil company in the world.