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PDVSA in Talks With Oilfield Firms to Boost Venezuelan Oil Output

OIL

Venezuela’s PDVSA is in talks with domestic and foreign oilfield firms to inquire about equipment and services to increase crude oil production after the US relaxed sanctions on the country, a source told Reuters.

  • The US Treasury Department in October authorized for six months the production and export of Venezuelan crude, gas and fuel, the procurement of goods and services, new investments and payments to PDVSA with few limitations on business partners.
  • Venezuela only has one active drilling rig left from more than 80 units that were operational in 2014, which experts say creates big obstacles to rapidly expanding production, Bakers Hughes data showed.
  • The oil market remains poised that the deal could fall through this month if Nicholas Maduro refuses to allow banned opposition members to run against him in the next election.
Energy BulletsCommodities
Energy BulletsCommodities

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