PDVSA working to speed up Orinoco project

An oil worker walks past a drilling rig at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble. Picture taken on July 28, 2011. To match Special Report VENEZUELA/PDVSA REUTERS/Carlos Garcia Rawlins (VENEZUELA - Tags: ENERGY POLITICS BUSINESS)

Venezuela production: President Hugo Chavez rolling out new plans

Carlos Garcia Rawlins

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News Wires

 22 August 2012 18:25 GMT

Venezuelan state oil company Petroleos de Venezuela, or PDVSA, this week signed accords with two other state companies intended to help speed up development of the country's Orinoco heavy oil belt and increase the country's oil production, Venezuelan President Hugo Chavez said in a televised address.

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