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Venezuela : PDVSA launches one of the world's largest drilling projects in the Hugo Chavez Orinoco Oil Belt

Publish Date : 23-Sep-2016

Petroleos de Venezuela, S.A. (PDVSA) will drill 480 wells in the Hugo Chavez Orinoco Oil Belt. This project, to be launched in the coming days, is unique given the oil markets current economic situation.

"In few places in the world you will find the capacity for a development of this magnitude, said President of PDVSA and People's Minister of Petroleum Eulogio Del Pino.

The goal is to increase production by 250,000 barrels per day over the next 30 months. Investment amounts to 3.2 billion dollars, which demonstrates the strength of PDVSA and shows trust in the national oil company.

The project involves contracting integrated services for platform construction, drilling, completion and connection of wells for joint ventures Petrocarabobo, Petrovictoria and Petroindependencia located in the belt.

The international companies Schlumberger and Horizontal Well Drillers, as well as Venezuelas Y&V were selected after a worldwide tender. They will have the support and operational expertise of Halliburton and Baker Hughes for specific project activities; 18 drilling rigs will be available.

PDVSA establishes strategic partnerships, evidence of an important technological and financial support, to ensure the success of this important project for the domestic and international oil market.

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