Venezuelan government officials will begin holding high-level quarterly reviews with the country's oil partners as part of an effort to ensure they are meeting commitments to increase production capacity, the South American nation's energy minister said Thursday.
Venezuelan government officials will begin holding high-level quarterly
reviews with the country's oil partners as part of an effort to ensure they are
meeting commitments to increase production capacity, the South American
nation's energy minister said Thursday.
The closer scrutiny comes as
Venezuela
looks
to nearly double its crude oil production capacity over the next several years.
Capacity should reach 3.25 million barrels a day by the end of 2013, led by
expansion of projects in the country's vast
Orinoco
heavy
oil belt, minister Rafael Ramirez told reporters at the headquarters of state
energy monopoly Petroleos de Venezuela, or PdVSA.
Mr. Ramirez reaffirmed that some partners of PdVSA were not complying with the
government's demands to raise output, which were laid out more than two years
ago.
Earlier this year, the minister, who doubles as PdVSA chief, warned that
companies that failed to fulfill their commitments could have their contracts
revoked.
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