CARACAS, Nov 22 (Reuters) - Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.
Washington in October issued a license allowing Venezuela to export oil, gas and fuel to its chosen markets through mid-April as a way to encourage negotiations for a fair presidential election next year. The measures could be reverted.
This is the best summary I could come up with:
CARACAS, Nov 22 (Reuters) - Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.
Washington in October issued a license allowing Venezuela to export oil, gas and fuel to its chosen markets through mid-April as a way to encourage negotiations for a fair presidential election next year.
The country is hopeful it will be able to progressively recover market share in what it was the main destination of its oil, the U.S., while pushing deals for starting exports of natural gas, including to Trinidad and Tobago, Perez said.
Ali Moshiri, former Chevron executive and current chief executive officer of Houston-based Amos Global Energy, said state company PDVSA had done “an excellent job maintaining production despite sanctions,” but added that Venezuela needs to encourage private participation and restructure debt to attract capital and reach up to 2.5 million bpd of output.
“The Venezuelan energy sector eventually should be privatized with participation of the government as equity holder,” Moshiri said during the conference.
Trinidad’s Energy Minister Stuart Young traveled to Caracas this week to negotiate the terms of Dragon’s exploration and production license.
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