Caracas — Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.
Washington in October issued a license allowing Venezuela to export oil, gas and fuel to its chosen markets through mid-April as a way to encourage negotiations for a fair presidential election next year. The measures could be reverted.
The nation has about 5,000 active wells for crude and gas output and its natural gas production currently averages some 4 billion cubic feet per day, according to official data.
The country is hopeful it will be able to progressively recover market share in what it was the main destination of its oil, the U.S., while pushing deals for starting exports of natural gas, including to Trinidad and Tobago, Perez said.
“The recovery of our markets, the recovery of those customers will improve over the time,” he added.
Trinidad’s Energy Minister Stuart Young traveled to Caracas this week to negotiate the terms of Dragon’s exploration and production license, the Caribbean country’s government said on Monday.
Reporting by Deisy Buitrago, writing by Marianna Parraga Editing by Marguerita Choy – Reuters
