Oilfield service companies reactivate 14 rigs in Venezuela amid contract review

15 articles · Updated · Reuters · Apr 27

At least nine rigs have been removed from storage for onshore deployment and five more are under assessment, as companies respond to Venezuela's oil law reform and ongoing contract negotiations.
The reactivated rigs will support joint ventures in the Orinoco Belt and Lake Maracaibo, with firms like Chevron, Repsol, and Shell planning new projects that require additional drilling capacity.
Venezuela aims to boost oil output from 1.1 to 1.37 million barrels per day by year-end, but challenges remain due to equipment repair costs, bureaucratic hurdles, and PDVSA's history of payment delays.

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