PDVSA Hires 27 New Rigs for 5-Year Contracts

LONDON Aug 11, 2006 (Dow Jones Commodities News)

Petroleos de Venezuela S.A. (PVZ.YY) has hired 27 new oil rigs for five-year contracts in an effort to boost oil production, the company said Friday.

PdVSA said the program will cost $2 billion and create 10,800 new jobs. The company added that of the 13 firms supplying drilling and workover rigs, the majority are Venezuelan firms.

Venezuela hopes to double oil production by 2012. Venezuela says it is currently pumping 3.3 million barrels a day in crude oil, while independent organizations such as the International Energy Agency say the country's output is closer to 2.6 million b/d.

Copyright (c) 2006 Dow Jones & Company, Inc.

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