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Venezuela to double oil exports to China to 300,000 barrels a day
By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 07 11 06
Venezuela would like to boost its crude exports to China nearly double to China to 300,000 barrels a day from the current 168,000 b/d, Luis Vierma, PDVSA's vice president of exploration and production, said to ABN news agency.Venezuela's has "grand ambitions" to meet a growing demand from energy China and India, Vierma said.
"It's important and a priority to negotiate new markets such as China and India," Vierma was quoted as saying, ABN reported on Monday.He said exports to China, could be boosted to 2.000,000 barrels per day in the next few years as Venezuela increases its output, Vierma was quoted as saying.
PDVSA is also in talks with India on supplying it more oil, Vierma added.
Vierma explained that the shipments to China and India would not affect PDVSA's supply to the U.S., Venezuela's oil production, currently assessed at some 3.2 million barrels per day, could rise to 7.2 million barrels by 2020.
Venezuela exported an average 77,045 b/d of crude oil and 48,127 b/d of fuel oil to China in the first five months of this year, up 172.1% and 287.2% on year respectively, Dow Jones reported.China, is the world second-biggest oil consumer after the United States, used about 318 million tons of oil last year, of which 40 percent, or about 127 tons were imported, AFP reported.
Venezuela has the world's largest reserves of hydrocarbons, considering its 80.5 billion barrels already certified and 236 billion barrels of heavy and extra-heavy crude fro m the Orinoco's Faja Basin in the process of being certified.
- Elio Ohep. editor@petroleumworld, 58 412 996 3730, Caracas.Petroleumworld News 07 10 06
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