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Chavez says Venezuela to increase oil production to 4 mln bpd

September 15, 2011, 0:07 UTC+3
Chavez recalled that this country occupies the world’s top position in terms of the size of explored reserves of oil reaching almost 300 billion barrels
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CARACAS, September 15 (Itar-Tass) – Venezuelan companies will increase the output of crude oil to 4 million barrels per day /bpd/ within the next three years, President Hugo Chavez said Thursday as he made a call into the studios of Venezolana de Television channel.

As for a more distant prospect, or 2019, the production of crude will go up to 6 million bpd.

He told the audiences Venezuela is one of a short list of countries that can afford the luxury of a fast buildup of the output of crude oil.

Chavez recalled that this country occupies the world’s top position in terms of the size of explored reserves of oil reaching almost 300 billion barrels.

The bulk of the oilfields is located in the Orinoco River oil belt and the country will need up to $ 80 billion to develop it in the next five to six years.

People’s Republic of China is turning into an ever bigger consumer of Venezuelan crude, Chavez said adding that Beijing has established strategic relations with this country.

He indicated that China is currently producing about 4 million bpd of oil on its own territory while the actual amounts of consumption there are getting closer and closer to 10 million bpd.

 

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