Monagas Oil Production Projected to Increase by 50% with Technology Investments

Estimates from the Chamber of Petroleum of Monagas indicate that with investments in technology, local oil production will increase by an average of 50% year-on-year. Eduardo Rivas, director of the guild, stated that crude oil production would gradually increase from 800,000 barrels to 1.3 million barrels if quality technological investment is executed and legal guarantees are offered to foreign energy companies for prolonged investments. The guild representative proposed to the state-owned Petróleos de Venezuela S.A (Pdvsa) in the entity the exploration of new light crude oil wells and the revitalization of heavy crude oil trade. He also informed that in the coming days, companies providing well cleaning and stimulation services are expected to restart activities in the entity, which will generate demand for specialized professionals not currently available in the country, according to Unión Radio.