Siembra Petrolera to invest in order to increase production

Nov 06, 2007 01:00 AM

More than $ 10 bn will be spent next year on Venezuela's Siembra Petrolera plan to increase production to 5.8 mm bpd by 2012, oil and energy Minister Rafael Ramirez said.
Nearly $ 10 bn was invested in the plan in 2007, an increase of 67 % from 2006, according to the minister. Of that total, Venezuela's state oil company PdVSA invested $ 3.30 bn in oil production facilities, another $ 720 mm in drilling operations and $ 3.40 bn in gas subsidiary PdVSA Gas, Ramirez said, defending the company from frequent accusations it is not spending on E&P.

This year's nationalization of operators working in the Orinoco heavy crude oil belt have saved PdVSA $ 1.72bn, according to the minister, who also is PdVSA president. The Venezuelan state took in a total of $ 8.70 bn in 2007 in oil and gas royalties, Ramirez added.
Venezuela produces more than 3 mm bpd, according to the government, although industry sources say the number is well below that.

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