Venezuelan President Nicolas Maduro arriving at the National Assembly to deliver his annual address on Monday, January 15, 2024. Photo: Venezuela's Presidential Press.
The president of Venezuela, Nicolás Maduro, announced during his annual message to the nation that oil activity increased in the third quarter of 2023 by 13%, managing to reach the end of the year with an increase in oil exports of 60.5%.
“Our oil activity grew by 12.99% in the third quarter of 2023,” said President Maduro on Monday, January 15, from the National Assembly, “with the extraction of crude oil and natural gas increasing by 14.60%, generating an increase in oil exports of 60.46%.”
From the Protocol Chamber of the Federal Legislative Palace, headquarters of Venezuela’s National Assembly, the head of state noted that PDVSA, still suffering under an economic blockade, demonstrated the strength of its internal capabilities by overcoming, to some extent, the adversities created by the illegitimate blockade and by the mafias that “have gone through several PDVSA administrations” and entrenched themselves in the industry, serving destabilization plans. “PDVSA closed the year 2023 with an income of USD 6.23 billion,” the president reported.
Maduro recalled that from an oil income of USD $54 billion in 2018, the figure fell to USD 700 million in 2020. “Oil income in the country reached $54 billion, with three million barrels of production at $100 per barrel or more, with a peak of $110, without sanctions and discounts on its sales,” said Maduro about the oil revenue in 2018.
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Nevertheless, President Maduro instructed the minister for petroleum and president of PDVSA, Rafael Tellechea, to extend greater efforts to strengthen the oil industry. “We have taken a step with our own efforts,” said the president of the republic. “We have done it with our guts. The increase is modest. I aspired for more, and this year I aspire for much more.”
The reinvigoration of alliances with international energy companies such as Repsol also stood out. In addition, an agreement was reached between PDVSA and NGC of Trinidad and Tobago, in partnership with Shell, to develop strategic gas projects.
(Últimas Noticias) by Carlos Eduardo Sanchez
Translation: Orinoco Tribune
OT/JRE/SL
