Intevep evaluating its strategy, has 2003 research budget of $77.5 million

<a href=ogj.pennnet.com>Oil & Gas journal By OGJ editors

HOUSTON, Apr. 28 -- Intevep, the research and development subsidiary of Venezuela's state oil firm Petroleos de Venezuela SA, is evaluating its strategy regarding how to best fulfill the needs of the Venezuelan oil industry.

Argenis Rodríguez, adviser to Intevep Pres. Fernando Puig, told OPEC News Agency that Intevep's s 2003 research budget is $77.5 million.

"PDVSA's technological arm is more alive that ever," Rodríguez said during a recent visit to the 195,000 b/d Puerto de la Cruz refinery. He discounted suggestions that Intevep might disappear or be annexed by the Science and Technology Ministry.

Despite Venezuela's general labor strike, Intevep maintained constant support to the country's refining complexes, Rodríguez said.