Government expects to increase production of crude to 5 million barrels per day (bpd) by 2010

The government expects to increase production of crude to 5 million barrels per day (bpd) by 2010. To achieve this goal, the state-owned company Petróleos de Venezuela (Pdvsa) has an investment plan that calls for US$ 31.25 billion from the company’s own coffers and US$ 12.53 billion in private capital. The gas producing potential will help boost the national economy by meeting the requirements of the oil, electric and petrochemical sectors, among others, as well as the growing needs on the international market. It will also help with the hydrocarbon deficit on the domestic market, fostering development of extra heavy crudes in the Orinoco Belt, the petrochemical industry and, lastly, for export.