Venezuela Aims to Build an $80/Barrel Floor on Oil Prices
CARACAS (Dow Jones Newswires), Sept. 22, 2009
Venezuela aims to double its oil production to more than 6 million barrels a day by 2030, Oil Minister Rafael Ramirez said Tuesday.
Speaking at a heavy crude oil conference, Ramirez said current production in Venezuela stands at about 3 million barrels a day, but that by 2015 the government aims for production to reach 4.7 million barrels a day. By 2030, production could reach 6 million barrels a day, he added.
To reach these goals, Ramirez said state oil firm Petroleos de Venezuela aims to "build a floor" on oil prices at $80 a barrel.
The two-day conference that began Tuesday in Caracas is being held by Petroleos de Venezuela SA, or PdVSA, along with French oil firm Total SA (FP.FR).
Copyright (c) 2009 Dow Jones & Company, Inc.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: PDVSA more info
Operates 14 Offshore Rigs
Manages 26 Offshore Rigs
- Algeria Sends More Oil To Cuba As Venezuelan Supplies Fall (Jan 10)
- Venezuela's PDVSA At Risk Of Losing Bonaire Terminal Over Maintenance Delay (Dec 19)
- Paralysis At PDVSA: Venezuela's Oil Purge Cripples Company (Dec 15)