Venezuela signs memorandum of understanding to increase oil production

Caracas.- On Friday, People’s Minister of Petroleum Nelson Martínez signed a memorandum of understanding at Miraflores Palace between the Bolivarian Republic of Venezuela and Horizontal Well Drillers (HWD Production LLC ) for a joint project to increase oil production in the Hugo Chávez Orinoco Oil Belt.

The event was led by President of the Bolivarian Republic of Venezuela Nicolás Maduro, who said that "Venezuela is bringing the best technology in the world to investments that in addition to being very important for production development enrich the heritage of technological applications with innovations that have been added to PDVSA”.

The project’s goal is to drill about 200 new wells in the Orinoco Oil Belt to increase production by 150,000 barrels in three years. "We jointly decided to review the options and expand the scope of this potential alliance between HWD and PDVSA, so that we can work within the next 90 days on a joint work plan, identifying opportunities, investment levels and the creation of a joint venture in that time", said Minister Martinez.

"This is an indication that beyond our borders there are many people interested in the potential of Venezuela and as we implement projects like this, we’ll add investments to our country”, said the minister of petroleum.

The event was also attended by the President of PDVSA Eulogio Del Pino, Vice Minister of Gas Douglas Sosa, and Vice Minister of Hydrocarbons Ángel González.

HWD Production is a US drilling company that specializes in the provision of comprehensive drilling and horizontal well construction services.

Todd Swanson, president of HWD Production, was pleased with this partnership.
"Venezuela offers immense opportunities," he said.