Harvest Updates Status of Venezuela Production
Harvest Natural Resources, Inc. reports that as a result of the general strike in Venezuela, the Company has put in place its operational contingency plan. Production to date from the fields in the South Monagas Unit has not been interrupted and is currently at approximately 27,000 barrels of oil per day (Bopd). As of December 9, sales have been reduced by PDVSA to 18,000 Bopd with the balance going into storage. Should the general strike continue, the Company has approximately nine days of storage capacity available before production would be affected.
Harvest President and Chief Executive Officer, Dr. Peter J. Hill said, "If needed, we have a contingency plan for an efficient and safe shut-down of our production. We have delivered and sold October and November production of approximately 1.7 million barrels and for 2002 only the last two weeks of December oil sales are in doubt."