Venezuela's PDVSA Plans To Increase Oil, Gas Production By Year End - Reports

MOSCOW (UrduPoint News / Sputnik - 16th May, 2023) Venezuelan state energy company PDVSA plans to increase oil production by 390,000 barrels per day and natural gas by 645 million cubic feet per day by the end of the year, Reuters reported, citing internal company documents.

Oil output is expected to be boosted to 1.17 million barrels per day and gas output to 2.

27 billion cubic feet per day by the year end, according to a plan presented to workers last week by PDVSA's new chief executive Pedro Tellechea.

PDVSA also expects to ramp up refining by 20 percent so that an extra volume of 90,000 barrels per day of fuel could be sold inside the country, according to the report.

The company has drafted a plan to drill three exploration wells in the west of Venezuela.

PDVSA is owned by the Venezuelan government and has divisions in South and North America and Europe.