Saudi Cabinet to hold special budget session on Tuesday    King Salman orders extension of Citizen's Account Program and additional support for a full year    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Irish PM apologizes for walking away from care worker    Several dead as Storm Bert wreaks havoc across Britain    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Ukraine losing ground in Russia's Kursk region, says military source    Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    Al Ittihad claims top spot in Saudi Pro League after victory over Al Fateh    Do cigarettes belong in a museum?    Saudi Arabia joins international partnership initiative to boost hydrogen economy    Saudi delegation participates in the 7th U20 Deans Summit in Brazil    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Saudi Arabia allows licensed flour milling companies to export flour    Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Venezuela plans long-term boost in oil output
Published in Saudi Press Agency on 07 - 08 - 2011

Venezuela's top energy official said the government is making progress on long-term plans to dramatically boost oil output and is also aiming to diversify an economy that remains heavily reliant on oil wealth, according to AP.
Energy Minister Rafael Ramirez said Friday night that the country aims to increase production of heavy crude in the eastern Orinoco River basin by about 15 percent this year, and by 15 to 25 percent next year. Venezuela's goal is to lift its oil output from about 3 million barrels a day currently to about 4 million barrels a day in 2015.
"It's a new frontier that's opening up," Ramirez said in an interview with The Associated Press and The Guardian newspaper. He said by next year new oil fields and pipelines should be equipped to allow output to grow, and that eventually more than $100 billion in investments are planned involving both the government and a host of private companies already doing initial work in the area.
Venezuela is planning a decade of rapid oil development in the region it calls the Orinoco Oil Belt, or "Faja," which holds vast deposits of extra-heavy crude. Studies certifying those deposits in a swath flanking the Orinoco River have allowed the country to surpass Saudi Arabia as the nation with the world's biggest proven reserves, according to the latest OPEC figures released last month.
Ramirez said that eventually Venezuela will need as many as 100,000 additional workers in the region and that part of the investment will go toward building infrastructure, housing and schools to support the influx of people. In the coming decade, he said, the government aims to boost output in the Orinoco from about 1.1 million barrels a day to 3.9 million barrels a day, considerably more than the entire country currently produces.
President Hugo Chavez has predicted that OPEC quotas will eventually be adjusted to reflect Venezuela's growing reserves.
"It's an issue that we aren't going to discuss for now, as long as there is no need to discuss it," Ramirez said. "Now isn't the time to do it still, no, because we're determined to keep the price of oil stable."
He said that when such subjects are raised by OPEC eventually, Venezuela will be ready with its higher reserves and a capacity to increase output.
As for oil prices, which fell sharply during the past week, Ramirez said "a fair price is close to $100 a barrel."
Crude futures ended the week on Friday at $86.88 per barrel on the New York Mercantile Exchange, a drop of $8.82 from the week before.
As for what steps OPEC might take in response, Ramirez noted that Iran has appointed a new energy minister who would be responsible for consulting with other members.
"We must wait because it went down $4, today it climbed a little," Ramirez said. "What's affecting the oil market is uncertainty about the major economies, the European and the U.S."
He said that while no special OPEC meeting has been called about the price swing, "if the president of the conference convokes a meeting, we'll go of course."


Clic here to read the story from its source.