Venezuela Boosts Oil Rigs, Not Enough to Raise Output

Venezuela, which wants to double oil output by 2012, has boosted the number of exploratory drilling rigs by 12 percent since last year. The increase isn’t enough to increase output, analysts said.

The South American country, the world’s fifth-largest oil exporter, had 75 drilling rigs as of January, up from 67 a year earlier, according to data compiled by Baker Hughes Inc. That’s below the 82 rigs needed to maintain output, Luis Vierma, vice president for exploration and production at state oil company Petroleos de Venezuela SA, said in an interview last year.
Bloomberg