Sunday,
July 13
Venezuela's PDVSA cuts oil output
costs, drilling
(Reuters) - PDVSA, has reduced its production
costs by nearly 40 percent and halted "unnecessary"
well drilling, Venezuelan President Hugo Chávez
said.
The President, accompanied by Energy Minister
Rafael Ramírez and PDVSA President Alí
Rodríguez, said the company's production
costs, not counting royalty payments, were running
at $4.11 per barrel this year, compared with $6.70
in 2002. Output costs in 2001 were $5.87 per barrel.
