PRESS RELEASE

PDVSA begins well reactivation agreement with national companies

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Friday, August 3, 2018

This press release from PDVSA was published using an automatic translation system.

Petróleos de Venezuela, SA (PDVSA) reviewed strategic alliances with 14 national companies that will join efforts to the 2018 Production Plan, with new business models that will ensure the expansion of Venezuela's productive capacity.

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This was announced by the Minister of Popular Power of Petroleum and president of PDVSA, Manuel Quevedo, during a meeting with companies that will participate in this agreement, together with the Venezuelan Chamber of Petroleum, and the Committee for the Increase in Oil Production, formed by representatives of PDVSA and its subsidiary Intevep.

Quevedo said that "for the execution of this plan we have the resources, with the expertise of the selected companies and the appropriate technology for each well." We want Venezuelan companies to participate in this plan, by mandate of President Nicolás Maduro, so that it is the national labor force that reactivates our main industry ".

This plan will start in a first stage with the reactivation of producing wells of condensed, light and medium crude oil. "The reason for this choice is that they are the hydrocarbons required for our refineries, as well as being the most profitable," explained Argenis Rodríguez, president of PDVSA Intevep.

"Of course, we are going after the inactive wells in the Orinoco Oil Belt Hugo Chávez," Rodríguez said, adding that the first objective of the plan is to stop the declining production curve; Then, stabilize it and achieve its increase.

To achieve this objective, the technological methods developed by Venezuelan scientists at PDVSA Intevep will be applied, such as polymer injection, injection of surfactants, bottom heating and steam injection.