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This year Venezuela is all set...

OIL AND GAS

This year Venezuela is all set to significantly boost its Oil and Gas production

Venezuela Oil and Gas production
The Silicon Review
16 May, 2023

PDVSA produced more than 800,000 bpd as of April, surpassing that number for the first time in over a year's time

According to an internal document cited by Reuters, the state-owned oil giant PDVSA of Venezuela has new management that wants to increase crude production to 1.17 million barrels per day by the end of the current year. PDVSA produced more than 800,000 bpd as of April, surpassing that number for the first time in over a year's time. According to the projections, by the end of the year, oil output should climb by 390,000 bpd and gas production should improve as well, reaching 645 million cubic feet per day for a total of 2.27 billion cubic feet. The national oil corporation has undergone a significant reorganization that includes the new management as well as anti-corruption investigations and a thorough examination of the business's operations.

PDVSA has approximately $21 billion in accounts receivable from oil sales overseas, according to the audit. Venezuela exported $25.27 billion worth of oil between January 2020 and March 2023. However, according to papers obtained by Reuters, PDVSA could only acknowledge receiving $4.08 billion of this, which was revealed during the audit of PDVSA contracts. PDVSA started requesting advance payments for its oil earlier this year in order to avoid accruing too many dues; the evaluation of contracts had already started at that point.

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