PDVSA said in an English language statement on Friday that
the deals "will be marked by a new scheme that involves 700 million
dollars financing by participating companies." "Under this type of contracting, PDVSA and its service
providers act under the principle of shared responsibility in drilling, and
well completion and connection operations," the statement said. The
company did not immediately respond to a request for further details. Schlumberger
NV, Oklahoma-based Horizontal Well Drillers, and Venezuelan contractor Y&V
won contracts to drill a total of 480 wells in three joint ventures between
PDVSA and foreign partners. Horizontal Well Drillers has a 48-month credit line
from Canada's Callidus Capital for $350 million to finance the project, a PDVSA
document seen by Reuters shows. More…
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