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PDVSA Issues Delayed Report

PDVSA finally releases its 2008 report, but doubts remain over its production figures.


Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA), on Sunday released its audited 2008 report, several months behind schedule.

PDVSA claims to have $126.4 billion in revenues last year, an increase of 31.3 percent from 2007. And net income grew by 51.6 percent to $9.4 billion, it claims.

The final, audited report shows lower revenues and net income than the report issued by Venezuela's energy ministry earlier this year. In that report, PDVSA was reported to have had revenues of $134.6 billion and a net income of $12.1 billion.

However, several experts doubt the results, which are based on production figures of 3.2 million barrels per day last year.

“I believe PDVSA's production figures are fudged,” says Roberto Bottome, editor of the Caracas-based newsletter VenEconomy. "The income figure given by Venezuela is highly unlikely,” adds Gustavo Coronel, a former member of the board of PDVSA.

See their comments and analysis in Where's PDVSA's 2008 Report?
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