Venezuela PdVSA Says Orinoco Takeover Won’t Hurt Output

Venezuela does not anticipate any production problems at four heavy oil projects when the state firm takes over operations on May 1, said a director at Petroleos de Venezuela S.A.

Del Pino said the projects currently have a spare capacity of over 100,000 barrels a day due to Organization of Petroleum Exporting Countries-related oil production cuts, which Venezuela has levied on the Orinoco projects.

“From one day to the next, we can increase production at the Orinoco by 120,000 barrels a day,” said Del Pino, speaking to reporters at an event late Monday.

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