October
7, 2004
Repsol to increase Venezuela
spending in 2005
(Reuters) - "Repsol YPF plans
next year to ramp up spending by more
than 50 percent on its Venezuelan oil
and natural gas projects to increase output,
a Repsol official said. Repsol's investment
in existing projects could reach $200
million in 2005 compared with $120 million
this year, the company's Venezuela director
Valentín Álvarez told reporters.
The firm could invest
more if new development deals re signed,
he said. 'If a new joint venture or
if one of the projects that we are talking
about is finalized, such as increasing
field output, this amount could be raised,'
Álvarez said".
