Venezuela’s Plan to Boost Oil Output Includes Shutting Some Fields
- PDVSA looks to focus efforts on best Orinoco Belt fields
- Four fields to start producing DCO, nine others Merey 16
This article is for subscribers only.
Venezuela’s state-owned oil company is taking an unusual step to try and increase production: shut fields.
Starting in July, Petroleos de Venezuela SA will prioritize 13 fields in the Faja, a 55,000 square-kilometer (21,235 square-mile) strip north of the Orinoco River containing heavy crude oil that former president Hugo Chavez turned into the nation’s oil flagship project, according to a document seen by Bloomberg. The other 20 fields -- many producing less than 500 barrels a day -- will be considered inactive, the document showed.