February 28, 2019 / 1:44 PM / 3 months ago

Spain's Repsol expects 19 pct drop in Venezuela production in 2019

MADRID, Feb 28 (Reuters) - Spanish oil and gas firm Repsol expects production in Venezuela to drop to around 50,000 barrels per day (bpd) this year from 62,000 bpd in 2018, its chief executive said on Thursday.

“We are taking into account 50,000 barrels per day all in all, combining the gas and oil production. It’s a lower figure than we had in 2018 and it will be 25 or 26,000 barrels per day lower than we had two years ago,” CEO Jose Jon Imaz told analysts on a conference call.

In Venezuela, where hyperinflationary economic meltdown has created food and medicine shortages, Repsol had proven reserves of 514 million barrels of oil equivalent at the end of 2018, according to data published in its annual report on Thursday. (Reporting by Isla Binnie Editing by Ingrid Melander)

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