Venezuela resumes oil production at normal rates; Trade Show Rescheduled

by: OilOnline Thursday, May 08, 2003

Petroleos de Venezuela S.A. (PDVSA) has resumed oil production and has demonstrated its capacity for recovery. Speaking at an event held in conjunction with this year’s Offshore Technology Conference (OTC) in Houston during the week of May 5, PDVSA president Ali Rodriquez Araque said that oil production has returned to its normal level of more than three million barrels per day. Furthermore, former director of Exploration and Production of PDVSA, Luis Vielma, said at a luncheon held May 7 at OTC , “Venezuelan well productivity is low, which will require more technology and investment in the years to come.”

This return to “business as usual” in the oil markets in Venezuela and the need for new technology and investment in the oil sector has set the stage for show organizers, International Exhibitions Inc. of Houston, Texas, and Grupo B.V. de Eventos, C.A. of Caracas, Venezuela, to reschedule its’ 15th Latin American Petroleum Show for June 15-17, 2004 at the Palacios de Eventos in Maracaibo, Venezuela. Shaun Wymes, president of International Exhibitions, said, “Venezuela is a leading oil-producing nation and its pre-eminence in the world oil market is renown. As a sign of our confidence in the strides PDVSA has made in the last few weeks, we are delighted to announce the details of the 2004 Latin American Petroleum Show. The 2004 venue will be a great opportunity for attendees and exhibitors alike to return to doing ‘business as usual’ in Venezuela.”