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Venezuela’s PDVSA restarts drilling campaign suspended since 2019 In the second half of the year, Venezuela’s state-owned PDVSA will restart the drilling of oil wells while intensifying work to open 3,700 shuttered wells and to recover compression and gas injection capacity needed to increase crude output, according to an internal “Operational Follow-up Plan” report reviewed by S&P Global Platts. The report contains details of the oil production recovery plan announced by oil minister Tareck el Aissami in February. Venezuela’s oil output has fallen from an average of around 2.5 million barrels per day at the end of 2015 to 479,000 b/d in April as a result of disinvestment, lack of maintenance, general energy shortages and US sanctions. The Trump administration first sanctioned PDVSA in January 2019.

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