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Venezeula Aims to Increase Oil Production 8 Percent This Year
The Associated Press
June 18, 2008

CARACAS, Venezuela: Venezuela's state oil company says it hopes to increase crude production by nearly 8 percent this year.

In comments published Wednesday by the newspaper Panorama, state oil company Vice President Luis Vierma said that the company hopes to produce more than 3.4 million barrels per day.

Petroleos de Venezuela SA plans to invest US$15 billion this year - up 50 percent from last year - to achieve that goal, Vierma said.

Government figures put crude production in Venezuela - the fifth largest supplier to the U.S. - at around 3.2 million barrels per day.

But more conservative estimates from the Paris-based International Energy Agency put the country's production at around 2.6 million barrels per day, making it the world's tenth largest oil producer.

Vierma said that Venezuela hopes to continue increasing production - up to 4 million barrels per day by 2010, and to 5.8 million by 2021.

The state oil company representative added that all but two of 13 oil rigs to be imported from China have arrived.

Vierma said there are now around 180 functioning rigs in the country. The company's 2007 year-end statement put the number at just 111.

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