Thu, Mar 07, 2013 - Page 15 News List

Oil prices rise on uncertainty after Chavez’s death

AFP and Reuters, SINGAPORE and CARACAS

The Orinoco projects are expected to eventually add 2 million barrels per day of new output via investments of more than US$80 billion.

However, that will take years, with executives at joint ventures in the region saying work has been delayed by lack of infrastructure and delays in payments from PDVSA.

“I don’t expect any change in Venezuelan production in the near term,” said Andrew Lipow, president of Houston-based Lipow Oil Associates.

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