Spain's Repsol plans to raise Venezuela production

Reuters, 06.10.03, 4:22 AM ET  MADRID, June 10 (Reuters) - Spanish oil and gas company Repsol YPF <REP.MC> plans to invest around $700 million in Venezuela in the next five years and increase its oil production there by 20 percent, a company spokesman said on Tuesday. Repsol now produces around 100,000 barrels a day in Venezuela and expects this to rise to 120,000 barrels, he said, confirming Spanish newspaper reports. The investment extends Repsol's production interests in Latin America. The Spanish company bought Argentina's YPF in 1999 and now produces three quarters of its oil in that country.