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Weatherford International Ltd News

26 May 2014

PDVSA To Use Rosneft Cash For Orinoco Development

Venezuela's state-run oil firm PDVSA said on Saturday a $2 billion pre-payment from Russian oil producer Rosneft will be destined in part to develop its coveted Orinoco belt. State-run Rosneft earlier on Saturday announced a flurry of deals including a long-term contract with PDVSA for 1.6 million tonnes of oil and 7.5 million tonnes of oil products within five years. Venezuela is struggling with stagnant oil and natural gas production, and has its sights set on the vast southern Orinoco belt as a way to boost production. "We're focusing all our technological capacity to develop this oil province which will give us 150 years of production at a rate of 6 million barrels per day, (as per) our aim for 2019," PDVSA President and Energy Minister Rafael Ramirez said in a statement.

21 May 2014

PDVSA gets $2B Credit Line

Venezuelan state oil company PDVSA on Wednesday said it had been granted a total of $2 billion in credit lines by oilfield services companies Halliburton Co, Schlumberger NV and Weatherford International Ltd. "What we have signed is for the companies to increase activities in our country, in some cases doubling them," PDVSA President and Energy Minister Rafael Ramirez said at a ceremony in the western city of Maracaibo. By giving credit lines to PDVSA, the companies will be able to increase their service contracts with OPEC member Venezuela. The deal may allow PDVSA, whose cash-flow problems are well known, to postpone payments of accumulated debts to its main service providers.

24 Apr 2006

Aker Kvaerner Subsea Tech wins Award

Officials with the 2006 Offshore Technology Conference (OTC) have selected Aker Kvaerner's Multibooster subsea boosting technology to win an OTC.06 Spotlight on New Technology Award. The award showcases advanced technologies for the offshore oil and gas industry. Companies exhibiting at this year's OTC submitted entries detailing why their innovative technology should be in the spotlight at OTC. Aker Kvaerner's MultiBooster subsea multiphase pump system increases oil recovery and enables longer step-out distances between subsea assets and host facilities by adding energy to the wellstream which allows for a lower well-head pressure and increased production rates.