Venezuela: Pdvsa revenues expected to exceed USD 100 billion

Pdvsa CEO showed no concern about a 15.9 percent drop in net profits in 2006, from USD 6.48 billion to USD 5.45 billion, despite booming oil prices

As crude oil prices are above 2006 level, the board of directors of Venezuelan state-run oil corporation Pdvsa estimates overall revenues this year are to exceed USD 100 billion, higher than USD 99.26 billion last year.

Rafael Ramirez, Pdvsa CEO and Minister of Energy and Petroleum, made the statement in Vienna, where he attended a meeting of the Organization of Petroleum Exporting Countries (OPEC).
“Figures so far this year are all right. Our investment budget -which exceeds USD 10 billion- has been executed in a 60 percent, and we think it will be fully executed. Further, costs and expenses are expected to fall, as we had a number of assets, including more than 4,000 inactive oil wells, that were not adequately accounted for in financial statements and were causing excess costs that were wiped out in year 2007.”

Based on the schedule of the Oil Sowing Plan, in 2007-2008 Pdvsa’s intensive investment projects are expected to start bearing fruits.

The conglomerate’s overall assets climbed USD 10.16 billion, and they are expected to grow further, once they are re-worded in Venezuelan bolivars, according to the report provided by Pdvsa’s trustee. “A study we ordered on the company’s total value should be completed this year.”

El Universal