Contractors have cut back the drilling of oil in Venezuela amid a rising unpaid debt owed to suppliers by the Latin American country’s government and state-owned producer PDVSA. As originally reported by Bloomberg on 28 June 2016, Baker Hughes noted that the number of oilrigs in Venezuela fell from 69 to 59 last May. This would represent the lowest level of rigs in more than a year, according to the Houston-based industrial service company. The information from Baker Hughes comes after Stefano Cao, CEO of Italian oil and gas contractor Saipem SpA, said last April that his company had suspended operations on 25 of its 28 rigs in Venezuela. Halliburton Co., meanwhile, said last month the amount it was owed rose by 7.4 percent in the first quarter to $756 million. Neither Saipem nor Halliburton commented to Bloomberg. Related: Iran’s Oil Production Is Slowing Fast Schlumberger Ltd. President Patrick […]