PDVSA, Halliburton chart path forward in Venezuela

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Friday, July 14, 2017

New Halliburton CEO Jeffrey Miller and the president of Venezuelan national oil company PDVSA, Eulogio Del Pino, met to chart a path forward in the crisis-ravaged country.

The executives discussed solutions to ensure the implementation of operational and financial mechanisms to sustain Halliburton's activity levels in the country, PDVSA said Thursday.

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Halliburton said in mid-2016 that it had begun scaling back operations in Venezuela as a result of delayed payments.

The meeting follows a downgrade by S&P Global of its long-term ratings for Venezuela to 'CCC-' from 'CCC,' amid violent clashes between the government and opposition protestors, and questions over PDVSA's ability to meet looming debt obligations.

According to PDVSA, Miller expressed interest in implementing Halliburton's integrated services scheme for drilling, completion and connection of wells currently used in the Orinoco heavy oil belt in other producing areas of the country, such as the Maracaibo basin.

Miller took over the reins of Halliburton on June 1 from former longtime CEO Dave Lesar, who will stay on as executive chairman for 18 months before retiring.