August 23, 2006
PDVSA to invest US$1 billion (A780 million) in oil technology and training

(AP Worldstream) - "Venezuela's state-run oil firm, Petróleos de Venezuela SA, said it plans to invest an estimated US$1 billion (A780 million) in new technology projects and staff training.

The investment would also be put toward projects to quantify petroleum reserves in Venezuela's eastern Orinoco River basin, PDVSA's research affiliate Intevep said in a statement

Initial exploratory drilling for heavy oil in the basin has found deposits that extend more than twice as deep as originally estimated, according to Venezuelan President Hugo Chávez.

Venezuela currently has the largest proven oil reserves outside the Mideast, at some 80 billion barrels.

Venezuela has been renegotiating contracts with oil companies across the industry as it seeks to gain a greater share of control and revenues for the state".