Venezuela's state oil company Petro- leos de Venezuela SA and private companies operating in the country's eastern Anaco district will invest about $320 million for development and production activity there in 1999.
Most of the projected capital expenditures will be used to drill 50 new oil wells and work over a further 74 wells.
Pdvsa projects that output in Anaco will increase to 200,000 b/d within the next 5 years from the current level of 80,000 b/d.
Jose Pacheco, a senior official with Pdvsa, said, "The area presents an excellent prospect for growth."
Moreover, he noted a better-than-expected flow rate of 5,000 b/d from Pdvsa's TAG 12 well in the Tacat...