PdV reaches out to reactivate wells

摘要

Venezuelan state-owned oil company PdV has unveiled a pilot project to boost crude output in Zulia state, by inviting bids from private-sector oil service companies to reactivate 1,000 ageing wells in Lake Maracaibo. The project is an indication that President Nicolas Maduro’s government intends to re-engage the private sector in upstream operations, which PdV has mostly reserved for itself since 2003. It also reflects growing concerns about PdV’s declining crude production. PdV reported output of 2.77mn b/d at the end of June, but Argus estimates that actual production is closer to 2.35mn b/d, (WPA, 19 July, p4).