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Venezuela's PdV starts its recovery in the Orinoco

Venezuela’s economy is cratering but the state firm has a new development strategy for its heavy oil play

Rigs rise above the surrounding Caribbean pine forests, sinking wells into the vast oil reserves below. New well pads are being cleared and readied for drilling. Paved roads are being cut through the remote, sparsely populated region. Gas flares at new processing facilities send flames shooting into the sky. A year ago, trucks shipped the oil out. Now pipelines do the job, snaking their way through the landscape to distant processing plants and ports.  This is Venezuela’s remote Orinoco heavy-oil belt and signs of Petroleos de Venezuela’s (PdV) efforts to kick start a new wave of production growth are everywhere visible as we fly over the world’s largest oil deposit.  The spurt of new acti

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