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Venezuela: PDVSA to invest US$3.5bn in drilling rigs to boost output
Venezuela’s state oil company PDVSA will invest US$3.5bn in the acquisition of new drilling rigs, the company said in a statement.
The announcement comes as PDVSA has endured labor unrest at rigs surrounding the nationalization of several rigs in western parts of the country.
PDVSA spends an average of 25.4mn bolivares (US$11,828 at the official rate) per rig a day to finance rigs operated by third parties, according to the statement. This compares to 17.6mn bolivares to operate each of its own rigs.
There are currently 112 rigs operating in Venezuela, 33 of which belong directly to PDVSA, according to the statement.
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