Proposed special investment regime for Orinoco Oil Belt

Engine Oil submit the proposal to enact the Orinoco Oil Belt Hugo Chavez as a special investment regime to achieve their full development, the Minister for Oil and Mining, Eulogio Del Pino said.

“The Orinoco Oil Belt, by its nature, by its extraordinary potential, to have the largest reserves in the world, deserve special investment status, deserve special status as special treatment for their development,” said Del Pino during the Installation of the Bureau of Hydrocarbons in PDVSA La Campiña headquarters in Caracas.

He noted that the momentum for productive activities in the Gaza seeks to develop a new country in which some wrongs of the past will be overcome and growth of domestic industries and services is enhanced.

Del Pino said that among the proposals to be high on Tuesday before the National Council of Productive Economy, also seeks to reactivate public and private productive forces of ferrosiderúrgica activity, oil, mining and metalworking converging in Guyana, through the Plan Socialist Guayana.

Through this proposal the operating companies in Guyana can get contracts to build facilities that are necessary for early production of hydrocarbons in new developments in the Gaza, said the Minister.

“It is initiatives like these that we have put on the table, we have been carrying out. We wanted today in this kind of meeting is for us a frank, open and transparent manner, listen to the proposal from you (unions and representatives of the oil sector), “he said.

He said that on Tuesday will rise to the National Council of Productive Economy these and other proposals arising from the work table that brings together companies, engineers and experts in the field of hydrocarbons.

Petroleos de Venezuela plans to invest this year 34,500 million, of which 27% will target the areas of exploration and production, which will focus mainly on the Orinoco Oil Belt Hugo Chavez, which has the largest certified reserve Crude planet.

The state expects to reach a production of 2.931 million barrels a day of crude and 119,000 barrels of liquefied gas, for a total of 3,050,000 barrels of oil.

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