Report summaryThe 1986 discovery of the giant El Furrial field was the first significant discovery to be made in South America in over 25 years and came at a time when national production (under exclusive PDVSA operatorship since nationalisation in 1976) had declined to its lowest point since 1950. El Furrial went on to become the highest producing oil field in Venezuela, reaching a peak in 1998 (See production table).Since 1998, production has being in decline. PDVSA has invested in reservoir pressure ...
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