PDVSA, Chevron Want 13,000-b/d Increase from Boscan

Venezuela's state oil firm PDVSA hopes to invest US$220 million this year to increase production in western Venezuela's Boscan field to 113,000 barrels per day (b/d) from 100,000 b/d currently, PDVSA board member Eulogio Del Pino told Caracas newspaper El Universal.

"In Boscan this year we will spend US$140mn not including another US$80mn in investments to produce 113,000b/d on average," Del Pino was quoted as saying. The lifting cost in Boscan is about US$3.41/b, the executive added.

Del Pino also said crude from the field will not be sold in blend as in the past but will instead be mostly used to manufacture asphalt, for which it is particularly well-suited.

"Boscan should be seen as an integrated project and we have to set up a division or state-owned company to commercialize asphalt," he said.

Boscan is operated under a joint venture whereby PDVSA is the majority partner with 60% and U.S. major Chevron holds the remaining 40%.

Chevron officials in Caracas were not immediately available for comment on Thursday.

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