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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Venezuela Evaluates Plans to Raise Oil Production

Anticorruption probes advanced by the Public Ministry caused that 90 executives of Pdvsa were arrested over the last 11 months.

Petroleos de Venezuela (PDVSA) assesses today actions to raise crude production in the second half of 2018, informed Oil Minister, Manuel Quevedo.

 During an expanded meeting with Vice Presidents and executives of the state oil company of Venezuela, the also president of the entity explained the plan is to comply with a quota of 1.9 million barrels per day as part of the progressive increase in extraction levels.

The expected increase in world demand of hydrocarbons and the recovery of crude prices in the last months, explain the Venezuelan government announced plans to increase production by one million barrels per day.

The governor of Venezuela to the Organization of Petroleum Exporting Countries (OPEC), Angel Gonzalez, confirmed that the production figure reported in June by Pdvsa to the international organization rose to one million 570 thousand barrels per day.

The official clarified the extraction is even higher if the 70 thousand condensed barrels and another 90 thousand of hydrocarbons obtained daily from the gases are added.

The economic sanctions imposed on Venezuela by the government of the United States and other domestic factors caused a marked fall in oil production, main source of revenues for the South American nation.

Anticorruption probes advanced by the Public Ministry caused that 90 executives of PDVSA were arrested over the last 11 months, including 23 high-ranking managers, involved in the sabotage to the industry, causing the drop in extraction levels, delays in maintenance tasks and undue appropriation of resources.

 

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