Reports: PDVSA Plans 2.97Mb/d Output in 2007

Venezuela's state oil company PDVSA aims to produce 2.97Mb/d of crude this year, according to press reports.

The company has not reported 2006 production averages, although budget figures published in Wednesday's official gazette estimate output of 2.908Mb/d last year compared to 2.906Mb/d in 2005, according to the reports.

Venezuela will export 2.08Mb/d of PDVSA's 2007 output.

Company profits fell 26% last year due to extensive social spending, Reuters reported, without providing specific figures.

Further, the company plans to have 89,450 workers this year, including 56,748 full-time and 32,702 contractors. The company fired roughly 20,000 of its 40,000 employees in 2003 following strikes.

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