PDVSA, Russian firms fire up drill bits

PDVSA start: In collaboration with consortium of Russian companies

SCANPIX/REUTERS/Jorge Silva

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By News Wires

 25 January 2012 22:24 GMT

PDVSA and a group of Russian companies started drilling the first oil well on the Junin 6 block today in the Orinoco crude belt, Oil Minister Rafael Ramirez said according to a report.

The Caracas-based Venezuelan state oil company operates the block in a venture with Consorcio Nacional Ruso SRL and will reach production of 20,000 barrels of oil a day by December after starting early production in June, Ramirez told reporters in Anzoategui state, Bloomberg reported.

“The plan that we presented to increase current production of about 3 million barrels a day to 3.5 million barrels a day is based on 470,000 barrels a day of new output from the Orinoco belt and 88,000 barrels a day that will come from the West of…

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