Economy: Total will double its oil production in Venezuela, according to Chavez

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Venezuelan President Hugo Chavez said Wednesday that the French company Total will double its oil production in Venezuela, to bring it to 400.000 bpd.

"Total will go from 200.000 400.000 to barrels of oil a day, it will double (production), with an investment of several billion dollars," said the Venezuelan president after a meeting of more than an hour with Jacques Chirac the Elysee.

Chavez said he took this decision in agreement with the president of Total, Thierry Desmarest, he met Wednesday morning in Paris.

Card support, the Venezuelan president told reporters gathered in the courtyard of the Elysee he "put within reach of the French company" oil reserves of Venezuela, which, he recalled, "are the most important in the world."

France is the second largest investor in Venezuela, the fifth largest oil producer.

Hugo Chavez is on a working visit 24 hours in France as part of a world tour of ten days.

Source: Reuters


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