Thursday, September 22, 2016 PDVSA awards oil contracts worth US$3.2BThe logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas. In a similar tender renewed this year, Schlumberger NV , Oklahoma-based Horizontal Well Drillers and Venezuelan contractor Y&V won contracts to drill a total of 480 wells at three joint ventures between PDVSA and foreign partners. “Investment amounts to US$3.2 billion, which demonstrates the strength of PDVSA and shows trust in the national oil company,” PDVSA said in a statement. FINE PRINTAfter the Trenaco episode caused friction with partners, PDVSA revived the sunk deal but separated it into six four-year contracts of around 100 wells each. The second of two contracts at Petrocarabobo was not awarded because no valid bid was received, two sources said.

Source: Bueno Aires Herald September 22, 2016 00:33 UTC