PDVSA Readies One of ‘World’s Largest’ Oil Drilling Projects

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  • Venezuela state oil company aims to drill 480 new wells
  • Company wants to add 250,000 barrels per day of output

Petroleos de Venezuela SA is getting ready to start what it’s dubbed “one of the world’s largest drilling projects” in the Orinoco heavy crude belt with investment totaling $3.2 billion even as its president, Eulogio Del Pino, says the global oil market is oversupplied.

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