CONOCO, MARAVEN TEAM FOP FIRST BIG ORINOCO HEAVY OIL PROJECT

Venezuela's cabinet has approved a $1.7 billion project by Conoco Inc. and Maraven SA to produce and upgrade heavy oil from Venezuela's Orinoco belt. Meantime, Maraven parent Petroleos de Venezuela SA (Pdvsa) plans to boost the country's crude oil productive capacity to 3 million b/d by yearend from 2.83 million b/d at yearend 1992. In addition, Pdvsa plans to sell a variety of nonoil assets to reduce debt and raise funds for capital spending, including electrical power generation

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