Venezuelan oil GDP grows 2.2 % in the first quarter of 2012

May 18, 2012 12:00 AM

After several quarters of weak and dissimilar results, production in the Venezuelan oil sector rebounded during the first three months of 2012, recording a 2.2 % growth, the best quarterly rate ever since 2008.

The Central Bank of Venezuela (BCV) and the Ministry of Planning and Finance announced financial results for the first quarter, which showed a 5.6 % economic expansion.
Particularly, oil GDP showed a positive performance, driven by a special plan to boost oil production, under which state-run oil giant Petróleos de Venezuela aims to expand oil extraction in Venezuela to 3.5 mm bpd by 2012.

The oil sector ended the last quarter of 2011 with a growth of 1.8 % compared to the last quarter of 2010. This mirrored an upward trend in the sector, following the first moves made to boost oil production at the Orinoco Oil Belt by about 150,000 bpd.
However, since 2009 the oil industry has shown an erratic performance, as the global crisis -- coupled with production and management problems at PdVSA -- resulted in lower oil revenues.

In 2009, oil GDP ended down 7.2 %, amidst the crisis of falling oil prices. This hit PdVSA s income and operations. In 2010, the fall slowed somewhat, and the year ended with a slight growth of 0.1 % in the production of goods and services for the area.
In this regard, Planning and Finance Minister Jorge Giordani claimed that the country’s economy is entering a new growth phase.

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