Venezuela’s Chavez Plans to Double Oil-Output Capacity by 2019
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Venezuelan President Hugo Chavez will more than double the country’s oil-production capacity to 6 million barrels a day by 2019 if re-elected on Oct. 7, according to a government plan released today on his website.
Chavez wants to increase domestic refining capacity to 1.8 million barrels a day from 1.3 million barrels a day in 2013, according to the plan. No details on funding were given in the plan, which stated that the nation would “intensify efforts to obtain the financing needed.”