Venezuela Reactivates Idle Oil Rigs As Industry Overhaul Draws Global Energy Players Back

Source: International Business Times

View of oil installations on Lake Maracaibo in Venezuela. AFP / Federico PARRA Oilfield service companies operating in Venezuela have started removing drilling rigs and specialized equipment from long-term storage for repair and redeployment as the interim government pushes ahead with a broad overhaul of oil and gas contracts. The renewed activity comes after years of stagnation in one of the world's most resource-rich but operationally constrained oil sectors, where production collapsed under sanctions, investment shortages, and payment disputes under the Maduro regime.