Venezuela Aims to Boost Oil Output, Attract Investment to Recover Lost Market Share
• Venezuela currently producing 850,000 barrels per day (bpd) of oil, aims to reach 1 million bpd soon • Venezuela has 5,000 active wells for oil and gas output, natural gas production averages 4 billion cubic feet per day • Venezuela hopes to recover lost market share in the US after temporary lifting of sanctions • Venezuela is in talks with Trinidad's government for the Dragon gas field project to produce liquefied natural gas • Venezuela needs private investment and debt restructuring to attract capital and boost oil output further to 2.5 million bpd