Venezuelan State Oil Company's Income Increases Sharply in 2005
Posted on: Friday, 23 December 2005, 09:00 CST
Venezuelan state oil company's income increases sharply in 2005
CARACAS, Dec. 22 (Xinhua) -- The gross income of the state-owned oil company Petroleos de Venezuela (PDVSA) rose 28 percent in 2005 to 83 billion U.S. dollars, Venezuelan Energy Minister Rafael Ramirez said Thursday.
Ramirez, who also heads PDVSA, told reporters that the company's net profit hit 9.4 billion dollars, an increase of 117 percent over last year.
The minister said that in 2005 the company's average output was 3.3 million barrels per day (bpd) and would rise to 3.4 million next year.
In 2006, PDVSA is expected to focus projects like the Gran Mariscal Industrial Complex in Ayacucho, whose cornerstone will be laid in January, and on gas production and heavy oil deposits in Venezuela's Orinico strip.
The company's investment will reach 7 billion dollars next year, 40 percent higher than that of this year, and about 70 percent of the money will be used in exploration and production.
Under a plan called "Seeding Petrol," Venezuela, the world's fifth largest oil producer, hopes to increase production by more than 1.5 folds to 5.8 million bpd by 2012 and produce 10 billion cubic feet of natural gas a year.
Source: Xinhua News Agency - CEIS
Related Articles
- Zambia Foresees 2 Billion US Dollars FDI in 2005
- Oil and Gas Production Shows Little Improvement
- Oil and Gas Production Still Lagging in the Gulf
- Oil and Gas Production in the Gulf of Mexico Improves Slightly
- Oil and Gas Production in Gulf of Mexico Up to 20 Percent of Normal
- India-Invested Sakhailin-I Oil Field Begins Production
- ONEOK Sells Its Oil and Gas Production Companies
- China's Major Oilfield Pumps 22.6 Million Tons of Oil in First Half of 2005
- CNPC Produced 396 Million Barrels of Crude Oil in First Half of 2005
- BP's Oil and Gas Production Up 3.5 Percent
 |
 |
User Comments (0)
RSS Feeds