PdV halves oil production target

摘要

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