Venezuela Drills New Orinoco Oil Wells to Boost Production
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Petroleos de Venezuela SA, the state oil company, and a group of Russian companies started drilling the first oil well on the Junin 6 block today in the Orinoco crude belt, Oil Minister Rafael Ramirez said.
PDVSA, as the Caracas-based company is called, operates the block in a venture with Consorcio Nacional Ruso SRL and will reach production of 20,000 barrels of oil a day by December after starting early production in June, Ramirez told reporters in Anzoategui state.