Petroleos de Venezuela (PDVSA) reported on September 21, 2016, that the company 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 market’s 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 Venezuela'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 Venezuela’s 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.
Venezuela’s oil production fell to 2.33 million barrels a day in August, the country’s oil ministry said earlier this month, 226,000 barrels higher than OPEC’s estimate of the country’s August output of 2.1 million, based on secondary sources.
The country has lost over 250,000 barrels a day of output from levels seen last year, according to the oil cartel.