"Efforts are currently being made to incorporate new
condensate, light and medium crude reserves to be able to extract and transport
the large volumes of heavy and extra heavy crude from the Orinoco belt,"
PDVSA said in a statement, without providing details of the plans. The company
also said it had the potential to be the region's leading natural gas supplier
with "mechanisms" to satisfy the domestic market and "meet
export goals." The statement comes just days after official figures from
oil exporters group OPEC showed Venezuelan crude production fell 13,600b/d to
1.94Mb/d in June. Not since 2003 has output fallen so low and the country was
earlier this year usurped by Brazil as Latin America's largest crude producer. More…
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