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April 7, 2008 |
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PETROLEOS DE VENEZUELA: Production Costs Increase 21.7% in 2007 Petroleos de Venezuela SA's production costs, excluding operational accords, increased 21.7% to US$4.88 per barrel in 2007, compared to US$4.01 per barrel in 2006, Marianna Parraga at El Universal reports. El Universal relates that oil production costs per barrel rose 13.6% to US$4.93 in 2007, from 2006, the highest oil production cost per barrel over the last five years. According to El Universal, Petroleos de Venezuela's' financial statements indicate that the consolidated operational expenses rose to US$14.95 billion in 2007, from US$14.77 billion in 2006. Exploration costs increased to US$154 million in 2007, compared to US$100 million in 2006. 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 is negative. |
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