Caracas.- People's Minister of Petroleum and Mining and President of Petróleos de Venezuela, S.A. (PDVSA) Eulogio Del Pino, said that the average cost of oil production in Venezuela is $13 per barrel.

Minister Del Pino explained that this average includes production costs of different oil fields, ranging from an amount lower than $5 a barrel, and higher amounts that include enhanced recovery and crude upgrading.

The minister denied that PDVSA production cost is $20 per barrel and that the corporation is selling crude below its production costs.

Minister Del Pino also said that in 2015 PDVSA made a significant cost reduction and 'this year we are proposing an additional reduction in the order of 28%, which will allow us to bring crude production costs below $10 per barrel. We are preparing to keep profitability as a company in a more difficult year for the prices'.

PDVSA - Petróleos de Venezuela SA issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-23 00:13:45 UTC

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