Commodities & Energy

Reuters exclusively reports PDVSA cedes oilfield operations to foreign firms

Reuters exclusively reports PDVSA cedes oilfield operations to foreign firms

Reuters reported exclusively that Venezuelan state oil company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions and a lack of cash and staff. Crude production by PDVSA and its joint ventures has fallen to about a third of its peak 20 years ago.