PDVSA to begin drilling project

PDVSA is set to begin offshore oil exploration near Venezuela’s border with Trinidad and Tobago. PDVSA will first drill 12 exploration wells over the next two years off Venezuela’s eastern coast. The company is hoping to find large offshore reserves that should replace depleted fields in the Maracaibo region. Investment for the exploration efforts should total between $220 and $300 million. The border region with Trinidad already contains promising natural gas reserves. Venezuela is among the top producers within the Organization of Petroleum Exporting Countries currently producing 2.670 million barrels per day.

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