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Venezuela: Oil production will Increase by 500,000 bpd in 2012, says President

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Tuesday, 03 January 2012
Venezuelan President Hugo Chavez said that the country’s oil production will reach 3.5 million bpd this year, and increase of 500,000 bpd when compared with 2011.

Despite concerns over the OPEC member’s ability to boost production since 2009, Chavez said that new production would come from the Orinoco belt.
 
State oil company PDVSA is currently working on new ventures with Eni (Italy) and Repsol (Spain), which will add 2.1 million bpd of new production and attract almost $80bn in investment, Chavez explained. 
 
PetrolWorld 03012011
 
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