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PDVSA EYES RECORD BUDGET, PRODUCTIVE CAPACITY IN 1994

Jan. 10, 1994

Venezuela's state owned petroleum company Petroleos de Venezuela SA has budgeted $4.2 billion in capital spending for 1994, biggest in its 19 year history and a 13.5% jump from 1993 spending. At the same time Pdvsa plans to boost crude productive capacity to more than 3 million b/d, also a record. Pdvsa crude productive capacity reached 2.87 million b/d at yearend 1993, up from 2.83 million b/d the prior year. The company is targeting a crude productive capacity of at least 4 million b/d by

Venezuela's state owned petroleum company Petroleos de Venezuela SA has budgeted $4.2 billion in capital spending for 1994, biggest in its 19 year history and a 13.5% jump from 1993 spending.

At the same time Pdvsa plans to boost crude productive capacity to more than 3 million b/d, also a record. Pdvsa crude productive capacity reached 2.87 million b/d at yearend 1993, up from 2.83 million b/d the prior year. The company is targeting a crude productive capacity of at least 4 million b/d by 2002.

SPENDING BREAKOUT

Pdvsa earmarked $2.12 billion for production and $1.13 billion for refining.

Exploration will receive $287 million this year, up from $267 million in 1993. Pdvsa plans to drill 41 wildcats in 1994, with an emphasis on new light crude potential in Monagas state, southern Lake Maracaibo, northern and southern flanks of the Venezuelan Andes, northern Anzoatequi state, and Falcon state.

Operating units Corpoven, Lagoven, and Maraven, together with private companies developing marginal oil fields under production contracts, are expected to drill 672 delineation and development wells and conduct 1,278 workovers. Oil production in 1994 is targeted at 2.742 million b/d, up from 2.571 million b/d in 1993 and broken out as: 901,000 b/d light crude, 948,000 b/d medium gravity crude, and 705,000 b/d heavy/extra heavy crude, up from 1993 levels of 899,000 b/d, 879,000 b/d, and 640,000 b/d respectively; natural gas liquids 140,000 b/d, up from 112,000 b/d; and condensate 48,000 b/d, up from 41,000 b/d.

Modernization and upgrading programs at Maraven's Cardon refinery and Lagoven's Amuay refinery will absorb most of the refining outlays.

Pdvsa also will spend $184 million for petrochemicals, $89 million for the bitumen water surfactant emulsion boiler fuel Orimulsion, and $14 million for coal operations.

Pdvsa foreign subsidiaries Citgo Petroleum Corp., Tulsa; Bopec, Bonaire; and Borco, Bahamas, plan combined capital investments of $536 million. Much of this outlay will go for increasing deep conversion capacity at the Citgo Lyondell refinery in Houston.