Exclusive: Venezuela to maintain oil industry framework under Maduro

Fri Mar 8, 2013 9:54pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Marianna Parraga

CARACAS - Venezuela will maintain its oil industry tax and legal framework under the leadership of acting President Nicolas Maduro, the OPEC nation's oil minister said on Friday to reassure foreign investors after the death of President Hugo Chavez.

Rafael Ramirez told Reuters that Venezuela would continue to push for a minimum price of $100 per barrel at the next OPEC meeting, and that he did not expect Chavez's death to push up crude prices.

"The tax and legal framework were set out clearly by President Chavez," the oil minister said outside the National Assembly, where Maduro was being inaugurated as acting leader on Friday ahead of a new presidential election due in weeks.

"While our government is here and the people remain in charge, our oil policy will remain unchanged."

Ramirez said he expected the South American country to increase its oil output by 500,000 barrels per day (bpd) this year, bringing its total production to 3.5 million bpd.

The government says it is pumping 3.0 million bpd, but many industry experts question those figures. Analysts say Venezuela produced just 2.34 million bpd last month.

Ramirez said state oil company PDVSA invested $22 billion in 2012, and expected to invest $25 billion this year.

He said foreign energy companies working with PDVSA in Venezuela sent condolences following Chavez's death after a two-year battle with cancer, but had expressed no concerns about the political situation in the country with the world's biggest oil reserves.   Continued...

Venezuela's Energy Minister Rafael Ramirez talks to the media in front of a giant picture of Venezuela's President Hugo Chavez during a news conference at the headquarters of the state-run oil company PDVSA in Caracas February 13, 2013. REUTERS/Carlos Garcia Rawlins