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

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

Card in support, the Venezuelan president explained to the journalists gathered in the courtyard of the Elysée that he "put within reach of the French company" the 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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