PDVSA’s Boost in Oil Well Spending Fails to Stem Output Fall
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A 62 percent increase in Petroleos de Venezuela SA’s 2014 exploration and development spending wasn’t enough to stem a near decade-long slide in crude output.
PDVSA, as the state oil company is known, spent $23 billion in 2014 on oil drilling and well development, reservoir recovery and exploration, compared with $14.2 billion in 2013, according to a financial statement posted on the company’s website Sunday. The increase failed to prevent a drop in oil production, excluding natural gas liquids, of 3.8 percent.