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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: diana g who wrote (53026)10/15/1999 6:02:00 AM
From: oilbabe  Read Replies (1) of 95453
 
Petr¢leos de Venezuela (PDVSA) acting president Aires Barreto says that the state-run oil company is preparing to increase output during 2000.

Barreto pointed out that everything will depend on OPEC, but that after the agreement to curb production ends in March, it is not illogical to think that a hike in production will come.

Barreto ? in charge during H‚ctor Ciavaldini?s absence ? said that PDVSA will spend about 96 percent of its $11 billion budget inked for this year to pave the way for a hike in output next year. Most of the 6.8 trillion-bolivar budget was still to be spent during these final three months of the year, since at the start plans were shelved because of the low price of oil.

Barreto also said that PDVSA?s external needs for this year had dropped to $1.4 billion from an original estimate of $3 billion and that the debt had already been obtained in full.

PDVSA has in mind to produce 2.8 million barrels per day (bpd) of oil during 1999.

Barreto indicated that of this amount, 2.63 million bpd for 1999 would be destined for export at an average price of $12 per barrel.

PDVSA production centers on drilling 319 wells and of the repairing of 500 using a total of 53 rigs.
Total investment including that of the private sector through operating contracts would equal $5 billion. The 33 marginal fields operated by the private sector would equal $1.8 billion this year, informed Barreto.
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