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Russian Oil Projects in Venezuela Plan to Boost Production

OIL

Russia plans to increase oil production at its shared projects in Venezuela in 2023 according to according to Venezuelan Oil Minister Pedro Rafael Tellechea.

  • "Production will increase at our five joint ventures with Russia. It is already expanding. One company increased production by 95% compared to the plan," he said.
  • He said that production increases were aimed for current projects and new projects are not being discussed at present.
  • Venezuela plans to expand oil production to more than 1 mln barrels per day by the end of the year, and the country's exports would increase to around 60% according to Tellechea.

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