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March 11, 2008 |
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PETROLEOS DE VENEZUELA: Unit Hikes Crude Oil Production by 17.6% Petroleos de Venezuela SA's Petromonagas JV has produced 113,500 barrels per day of upgraded crude. The Calgary Herald relates that Petromonagas was formally known as Cerro Negro. It was confiscated from Exxon Mobil Corp. and is now operated by Petroleos de Venezuela SA in a venture with BP Plc. The Calgary Herald notes that Petromonagas can produce about 120,000 barrels per day. According to Business News Americas, Petromonagas production increased 17.6% to about 5.3 million barrels of upgraded crude in January and February 2008 -- an average of over 88,000 barrels per day -- from 4.5 million barrels in the same months of 2007, due to the nationalization of the joint venture. Petroleos de Venezuela told BNamericas that Petromonagas has seen increased commercialization of coke. Petromonagas has sold since its nationalization about 179,860 tons of the upgrading byproduct to Turkey, Holland and Spain for power generation purposes, BNamericas says, citing Petroleos de Venezuela. Petromonagas sold some 6,850 tons of sulfur to Brazil, BNamericas states. 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. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook was negative. |
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