PDVSA, or Petróleos de Venezuela, S.A., is the state-owned oil and natural gas company of Venezuela. Founded in 1976, it plays a crucial role in the country's economy, as oil exports are a significant source of revenue. PDVSA is responsible for the exploration, production, refining, and marketing of oil and gas resources. The company operates several oil fields and refineries, both domestically and internationally. Over the years, PDVSA has faced challenges, including economic sanctions, mismanagement, and declining production levels, which have impacted Venezuela's economy and its position in the global oil market.