Venezuela’s PDVSA To Cut Costs By 50%

Venezuela’s state oil company PDVSA has launched a
cost-cutting drive aimed at slashing expenses by half as the
company continues to struggle with declining oil production and
unpaid debts. The company sent to all its divisions and joint
ventures a list of reforms, declaring a “national economic
emergency”. The reforms, however, must not affect daily oil
production in any negative way, the memo circulated in the company
said. Some of the reforms involve suspending new projects that have
not yet found financing and requiring joint…

Venezuela’s state oil company PDVSA has launched a
cost-cutting drive aimed at slashing expenses by half as the
company continues to struggle with declining oil production and
unpaid debts. The company sent to all its divisions and joint
ventures a list of reforms, declaring a “national economic
emergency”. The reforms, however, must not affect daily oil
production in any negative way, the memo circulated in the company
said. Some of the reforms involve suspending new projects that have
not yet found financing and requiring joint…