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Venezuela to Invest $18 Bln in Oil by Year-End, Panorama Says

Petroleos de Venezuela SA, the state oil company, will invest $18 billion this year and expects to invest a similar amount next year, Panorama reported, citing Eulogio Del Pino, the company’s vice president of exploration and production.

PDVSA, as the company is known, is producing 3 million barrels a day, including 2.5 million barrels daily in the Orinoco belt, Del Pino told Panorama in an interview. Venezuela is expecting verdicts soon in some international arbitration cases, Del Pino also said, the Maracaibo-based daily reported.

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