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January 28, 2008 |
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PETROLEOS DE VENEZUELA: Oil Output Drops 148,000 bpd in 2007 As published by the Organization of Petroleum Exporting Countries, El Univeral reports that Venezuela's oil production has declined to 148,000 barrels per day with an average of 2.39 million bpd. OPEC has recorded a decrease in January to September, although the production picked up in the last 2007 quarter, the same paper states. Based on the OPEC statistics, the country's oil output has plunged for two consecutive year. In 2007, Oil production fell 246,000 bpd from a peak of 2.63 million bpd in 2005, El Universal relates. According to the report, OPEC members that will cut production were Venezuela, Nigeria, Libya, and Ecuador in a medium of boosted output by most OPEC members. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. |
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