Venezuelan Production Reaches 1.3Mn B/D
MEES learns from industry sources that Venezuelan production is now around 1.3mn b/d. Of this, some 450,000 b/d is crude produced by foreign contractors working in marginal fields, with the balance of 850,000 b/d being produced by PDVSA. MEES also learns that production of syncrudes has yet to return because of insurance and shipping problems. Venezuelan President Hugo Chavez stated last week that crude production had...