PDVSA will incorporate 17 drill rigs, 14 contracted at $1.5 million each Plan’s goal is to raise production to an average of 1 million b/d in 2021 Orinoco Belt production is key to reaching the nation’s goal In the second half of the year, Venezuela’s state-owned PDVSA will restart the drilling of oil wells while intensifying work to open 3,700 shuttered wells and to recover compression and gas injection capacity needed to increase crude output, according to an internal “Operational Follow-up Plan” report reviewed by S&P Global Platts. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The report contains details of the oil production recovery plan announced by oil minister Tareck el Aissami in February. Venezuela’s oil output has fallen from an average of around 2.5 million barrels per day at the end of 2015 to 479,000 b/d in April as a result […]