London (Platts)--9Apr2008

Venezuela is aiming to achieve a big increase in its oil production and
refining capacity by 2021, a senior official from state oil company Petroleos
de Venezuela said Wednesday.

Venezuela hopes to pump an average of 3.5 million b/d of crude this year,
up from 2.8 million b/d in 2007, and to increase this to 6.8 million b/d by
2021, PDVSA vice president Luis Vierma told an industry conference in London.

Venezuela's own estimates of its production in recent years have been
much bigger than independent estimates. The International Energy Agency, for
example, said in its most recent oil market report that Venezuela produced an
average of 2.39 million b/d last year.

Vierma said Venezuela was also looking to boost its refining capacity
significantly to 5.5 million b/d by 2021, up from the current 3.2 million b/d.

He said Venezuela had proven oil reserves of around 100 billion barrels,
with a further 215 billion barrels believed to be held in the heavy oil
Orinoco belt.