RE: RE: Bye bye Canada. March 11, 2013
Venezuela Could Boost Oil Output In Five To Seven Years - LUKOIL
(Reuters) -- Venezuela could boost its long stagnant oil output considerably in just five to seven years if it offers investors greater certainty over contracts, an executive of Russia's LUKOIL said.
Under president Hugo Chavez, who died on Tuesday after 14 years in power, foreign oil companies in Venezuela, the world's 11th largest crude exporter, have faced price controls and currency devaluations along with threats of nationalization.
Output has dropped from some 3.5 million bbls per day when he was elected to just 2.34 million bbls a day last month, according to analysts.
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Shutting our oil sand doors to foreign investment is like cutting your nose despite the face