Is PDVSA still able to pay their bills with the low oil price? I read that Maduro was selling many assets to get cash to make it through the December election but, after that, all bets were off. Oil production looks like it is still trending downward. Does anybody know what is happening to rig count there?
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Rig count going up but due to inefficiency of PDVSA, production is going down. One rig used to drill 2 wells per month, now if they drill 1 in one month, they will make a party. SLB, HAL and WTF offered credits to PDVSA in order to keep "the business" there. SLB CEO has been in Venezuela 2 times in the last two years, in big public officials public meetings, supporting venezuelan operations. So, make your maths....