Energy balance and GHG emissions from oil and natural gas production in Venezuela

This paper determines the energy balance based on Venezuela oil and natural gas production and its impact on GHG emissions during the 2023-2050 period. The historical behavior of energy consumption was established, and six (6) scenarios were proposed with the LEAP software considering the grade of economic opening in Venezuela and the grade of adoption of mitigation measures in the world. Results showed potential GHG emissions between 211.50 and 302.35 MMtCO2e by 2030, reaching 148.54 and 413.50 MMtCO2e by 2050. Five (5) scenarios indicated the compliance of Venezuela’s NDC objective. The sixth scenario would require mitigation measures starting 2026: increase electricity generation by renewable sources, incorporation of electric vehicles and decrease of natural gas flaring and venting, which would reduce 17.06% of GHG emissions.