Venezuelan state-owned oil firm PdV has quietly abandoned a plan to reach 6mn b/d of crude production capacity by 2021 in favour of a more modest target of 3.18mn b/d by 2025, according to a company presentation seen by Argus. Difficult market conditions, including lower oil prices since mid-2014 and a persistent crude supply glut, prompted PdV to "recalibrate" its core long-term investment plan late last year, an energy ministry official says. The revised long-term plan would raise crude output by 670,000 b/d by 2025, assuming a starting point of 2.51mn b/d cited in the company's 2017 business plan.
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