Boosted: profits rise by 80% in first quarter for PDVSA
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First quarter profits soar for PDVSA
Venezuelan state oil company PDVSA's 2008 first quarter profits jumped 80% to $3.45 billion compared with a year earlier, while the nation's oil output was up 2% to 3.21 million barrels per day.
Market observers such as the International Energy Agency say Venezuela's production is only around 2.5 million bpd, though the government of President Hugo Chavez dismisses these statements as politically motivated attacks, wrote Reuters.
Revenues increased 52% to $31.40 billion, driven by a leap in Venezuela's crude oil basket price to $87.89 from $48.65 a year earlier, while total costs increased 38% to $24.29 billion.