VENEZUELAN GOVERNMENT ACTIONS CLOUD PDVSA'S OUTLOOK

Petroleos de Venezuela SA (Pdvsa), Venezuela's state oil company, faces an uncertain future after a flurry of political developments. Pdvsa is shifting its strategic focus upstream after a 4 year period of acquiring foreign downstream interests. Its $15.8 billion investment program for 1990-95 centers on an ambitious program of exploration and development to increase Venezuela's productive capacity to 3.5 million b/d of oil by 1995 from 2.775 million b/d projected for 1990. Pdvsa plans

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