OREANDA-NEWS. May 12, 2012. The Investment in the Orinoco Oil Belt (FPO) by 2012 will amount to 5 billion dollars, resources to be allocated primarily to strengthen the areas of exploration and production, announced from the southern state of Anzoategui the People's Minister for Petroleum and Mining and President of Petroleos de Venezuela, SA (PDVSA), Rafael Ramirez.

Ramirez made statements from production fields in the heavy crude area, Division Ayacucho during the beginning of drilling operations of the clump May 1, and toured it on purpose of the ninth meeting of the Superior Organ of the FPO held in Melones Operational Center, located in Anzoategui State.

The owner of Oil and Mining reported on the implementation of the drilling activity of the clump with the drill PDV 67, high technology equipment which were acquired by the state oil through an agreement with the Republic of China, which includes the purchase of A total of 88 holes this year.

"We will make a significant investment this year to strengthen the new production areas in the Oil Belt, for the construction of tillers, management for handling crude oil, as well as the acquisition of modular rigs such as the PDV 67, projects that will have a more efficient production system, faster and with less environmental impact, "he said.

The Minister explained that this year it is expected to drill a total of 1100  wells throughout the Oil Belt, in line with plans for growth of production which involves increasing to 3.5 million barrels per day (MMBD) for the year end, of which 500 000 will come out the FPO.

"We currently have 197 active rigs in the Oil Belt, it was never achieved a major operation in the country.  In addition, we look at the income of 14 000 workers this year, in order to ensure compliance with our commitments to the nation, "said Ramirez.

Finally, he recalled that during the month of May, the whole country together with the thousands of workers in the oil industry marks the fifth anniversary of the nationalization of the Oil Belt, confirming the full sovereignty over oil.