Venezuela lowers 2015 forecast oil capacity 13 pct

By Marianna Parraga and Rebekah Kebede

PORLAMAR, Venezuela (Reuters) - Venezuela's energy minister on Tuesday lowered the South American OPEC member's 2015 oil capacity target by 13 percent, but remained upbeat on expansion overall, especially in the Orinoco heavy oil belt.

Rafael Ramirez told an oil conference on the island of Margarita that Venezuela's capacity should rise from 3.0 million barrels per day now to 4.25 million bpd by 2015.

That is a significant reduction from a previous target, set in 2008, of 4.9 million bpd for 2015. In 2005, when Venezuela launched a new investment plan, it had set an even higher goal of producing 5.8 million bpd within a decade.

Ramirez gave no reasons for the reduced target, but it came after four years of decline in Venezuela's crude production, according to the country's own estimates.

Between January and September 2009, Venezuela pumped 3.04 million bpd, 130,000 bpd less than planned, according to figures from state oil firm PDVSA.

Ramirez emphasized that Venezuela is investing $15 billion a year in its oil sector, and will focus on the Orinoco belt.

"We have had a world oil market situation that has forced us to optimize our investments," Ramirez said.

PDVSA's profits plummeted 54.3 percent in the first quarter of 2009, as crude prices waned and the global economic slowdown kept demand weak.