Pdvsa, seeks foreign investment hike

Journal Article · Mon Aug 03 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:7180257

Roosen, G

Looking at a protracted cash crunch, state oil company Petroleos de Venezuela SA plans to encourage accelerated investment by foreign companies in Venezuela's oil sector. Pdvsa late last month sliced about $1 billion from its capital and operating budget for 1992. This paper reports that in the medium term, Pdvsa plans to focus on investment in quicker payout projects in oil production and refining while seeking foreign capital for as many projects as possible in oil and gas exploration and development, petrochemicals, and coal. And it will continue to expand its presence in other countries, especially the US, to maintain market shares of crude and refined products exports. Those are among the business strategies outlined by new Pdvsa Pres. Gustavo Roosen after his first 100 days on the job. Pdvsa sees a key window of opportunity in gaining part of the market share lost by US crude producers as their production continues to decline. Pdvsa production outlays this decade are estimated at $4.4 billion. Pdvsa continues to hold to its target of crude productive capacity at 3.3 million b/d by 1996. The company wants to jump capacity as quickly as prudently possible from the yearend 1991 level of 2.83 million b/d. Currently, Pdvsa must buy 6000,000 b/d of oil on the US market to meet all of its commitments.

• OSTI ID: 7180257
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:31; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

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CARBONACEOUS MATERIALS
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