MOSCOW (Sputnik) —The Venezuelan PDVSA oil company awarded $3.2 billion for implementation of drilling projects in the country's Orinoco oil belt, the company said in a statement on Wednesday.
"The goal is to increase production by 250,000 barrels per day over the next 30 months. Investment amounts to $3.2 billion, which demonstrates the strength of PDVSA and shows trust in the national oil company," the statement reads.
The drilling will be carried out by US Schlumberger NV, Oklahoma-based contractor Horizontal Well Drillers and Venezuelan contractor Y&V, the statement added.
Venezuela has been in a state of an economic emergency since January. Up to 96 percent of Venezuela’s budget depends on oil which price is in the lowest in years.
