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

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.

“The project involves contracting integrated services for platform construction, drilling, completion and connection of wells for joint ventures Petrocarabobo, Petrovictoria and Petroindependencia located in the belt,” the company said Wednesday, adding that 18 rigs would be available.

PDVSA, as the Caracas-based company is known, will drill 480 wells to add 250,000 barrels a day of new oil output over the next 30 months, according to an e-mailed statement. Schlumberger Ltd., Horizontal Well Drillers LLC, and Venezuela’s Y&V Group were selected after a worldwide tender, with Halliburton Co. and Baker Hughes Inc. providing support for specific project activities.

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