Monday, July 10, 2006

Oil and Gas: Venezuela targets Asian market

Prensa Latina has reported that Venezuela plans to meet part of the growing demand for oil, particularly in Asia, by increasing production to 7.2 million barrels a day by 2020.

Luis Vierma, vice president of Petroleos de Venezuela (PDVSA) for Exploration and Production, said that the country has the capacity and will be able, in a long term, to increase production, which currently amounts to 3.3 million barrels a day.