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Oil investment to drop.

CARACAS -- Investments in the Venezuelan petroleum industry are expected fall by $500 million next year to $6.4 billion. The decrease reflects reduced investment requirements as three heavy oil upgrading projects in the Orinoco Tar Belt are completed. Investments by state oil company PDVSA are expected to increase $200 million to $3 billion in 2001. The three heavy oil projects are expected to boost heavy crude production from about 140,000 b/d to about 450,000 b/d within 15 months.
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Title Annotation:expected investment volume within petroleum industry of Venezuela
Publication:America's Insider
Article Type:Brief Article
Geographic Code:3VENE
Date:Dec 15, 2000
Words:82
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