PDVSA Said to Require $13 Billion for Light-Oil Output Increase

Petroleos de Venezuela SA expects to increase production at existing oil fields by 250,000 barrels a day in its joint ventures through 2015 for a total investment of $13 billion, a company official said.

State oil producer PDVSA and China National Petroleum Corp. have secured a $4 billion loan from China Development Bank Corp. that will finance 40 percent of the increased production target, the official, who isn’t authorized to speak publicly, said today in Caracas.