Oil companies jostle for projects to boost Venezuelan output quickly; a real grind awaits

CABIMAS, Venezuela, Feb 19 (Reuters) – In September, a rig used to drill wells in shallow waters completed the long trip from China to Venezuela’s oil-producing region of Lake Maracaibo. The passage of the big old rig named Alula just inches below the bridge connecting Maracaibo city with the oilfields of the lake’s eastern coast stirred excitement among residents and workers: they had not seen any new drilling equipment arrive for years due to U.S. sanctions. The rig hit an oil pipeline as it passed through the lake and over the metallic spaghetti of 20,000 kilometers of pipes beneath the…