Orinoco: PBV nixes drilling programme
PBV crimps Orinoco flows
The Belo-Venezuelan mixed oil company (PBV) is to curtail oil drilling in the Orinoco basin by 2520 barrels per day keeping with the decision of Opec to cut the world output, said Americo Nunez, Venezuelan Ambassador to Minsk.
Nunez explained during a press conference that the Venezuelan party decided to restrict the budget and postpone several oil drilling projects in the Orinoco basin, reported Russian state news agency Itar-Tass, Efe quoted.
Thus far, the company used to produce 13,700 bpd.
Last July, Venezuelan President Hugo Chavez assigned the oil company the development of three additional deposits at the Orinoco oil belt.
The memorandum of understanding was entered into by state-run oil holding PDVSA and Belorusneft during Chavez's official visit to Belarus, said the newspaper El Universal.