Pdvsa says it invested USD 15.1 billion in 2011

Rafael Ramírez, Venezuela's Minister of Petroleum and Mining, visited Tuesday the Orinoco Oil Belt and said that oil production in that area is expected to increase from 1.18 million bpd to 1.63 million.

He said that about 100,000 workers will be required in the Orinoco Belt to comply with the goals of the Oil Sowing Plan.

Ramírez also said that state-run oil company Petróleos de Venezuela (Pdvsa) invested USD 15.1 billion in 2011, 31% higher than in 2010, when Pdvsa invested USD 11.5 billion. According to the 2010 annual management report released by Pdvsa, the Venezuelan oil industry planned to invest USD 18.36 billion (including partners' contribution) in the Oil Sowing Plan in 2011.

Ramírez said that Pdvsa's financial debt amounted to USD 34.8 billion at the end of 2011, following a 40% increase compared to the previous year.

"We are comfortable with this level of debt," the minister noted.

"Pdvsa's net worth exceeds USD 75 billion and Pdvsa's assets amount to USD 162 billion," Ramírez reported.

The payment of the amount awarded to Exxon Mobil by the International Chamber of Commerce will be made within the deadline, he concluded.