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1000 oil wells will be reactivated by PDVSA

1000 oil wells will be reactivated by PDVSA

Posted by Dubraswka Aguilar on September 26, 2014

Petróleos de Venezuela (PDVSA) will reactivate about 1,000 oil wells in the west of the country, said its president, Eulogio Del Pino, seeking to boost its production stagnant at around 3 million bpd.

The pilot project, that does not have a start date, is expected to achieve an increase of between 60,000 and 70,000 bpd, he explained.

"The increase in production will be a very important contribution to the West," the official added.

In recent years, Venezuela's oil production has stagnated at 3 million bpd, even though the country has the largest oil reserves in the world. 

Maduro’s government has defended its critics ensuring that the pumping level is because they are respecting their quota in OPEC.

Late last year, Del Pino, then Vice President of Exploration and Production of PDVSA, told Reuters that the firm would undertake an ambitious project to increase the recovery factor in the Hugo Chavez Oil Belt, the largest reservoir of crude world, seeking to boost production.

Venezuela expects to double its production capacity to 6 million bpd by 2016 and thus demand a greater share of mining in OPEC, currently 11.5 percent of the 30 million bpd group.

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