Petroleos de Venezuela, commonly known as PDVSA, 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 account for a significant portion of national revenue. PDVSA is involved in various activities, including exploration, production, refining, and distribution of petroleum products. The company operates several oil fields and refineries, both domestically and internationally. Over the years, PDVSA has faced challenges such as declining production, economic sanctions, and management issues, impacting its ability to maintain operations and meet global oil demand.