(Courtesy of
TCR-LA News clips) The Venezuelan Petroleum Corp., a subsidiary of state-run oil firm Petróleos de Venezuela PDVSA, signed eight joint venture agreements for exploitation of hydrocarbons in Venezuela, which are to replace the so-called operational agreements, El Universal reports. Eulogio del Pino, a director at Petroleos de Venezuela, told the official news agency ABN that the remaining 13 joint ventures would be formally organized within the next two weeks.Among the companies that signed joint venture agreements in April are:
- Spain's Repsol YPF
- UK's BP
- Japanese firm Teikoku
- Local unit of Canada's PetroFalcon Vinccler Oil & Gas, Suelopetrol
- Inemaka
- Open
- Petroleo Brasileiro SA
- China's CNPC
- Chevron Corp.
- Anglo-Dutch major Shell
- Argentina's CGC
- Tecpetrol
- France's Perenco
- Harvest Oil and Gas LLC.
- France's Hocol
Under the joint ventures, Petroleos de Venezuela gets at least a 60% stake.Mr. del Pino told Reuters that over the next three years Venezuela expects to double the Orinoco extra-heavy crude oil production with the organization of the new joint ventures. Under this scheme, Venezuela is to operate four projects, namely Cerro Negro, Hamaca, Petrozuata and Sincor in cooperation with corporations including Norwegian Statoil, French Total and US firms ExxonMobil, ConocoPhillips and Chevron."We are likely to double output in three years to 1.1 billion bpd in the same areas we have today," del Pino was quoted by El Universal as saying. Furthermore, Mr. del Pino told ABN that they consider acquiring a stake in an Indonesia-based refinery, which is expected to be the largest in Southeast Asia.Petroleos de Venezuela SA aka PDVSA is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad.
--------------------
On Jan. 23, 2006, Fitch Ratings upgraded the local and foreign currency ratings of Petroleos de Venezuela S.A. aka PDVSA to 'BB-' from 'B+'. The rating of PDVSA's export receivable future flow securitization, PDVSA Finance Ltd, was also upgraded to 'BB+' from 'BB'. In addition, Fitch has assigned PDVSA a 'AAA (ven)' national scale rating. The Rating Outlook is Stable. Both rating actions follow Fitch's November 2005 upgrade of Venezuela's sovereign rating.
Tag: South America,
Venezuela,
Hugo Chavez,
FDI ,
Oil.
3 comments:
Not an unreasonable stake (60%) to get your heavy tar projects going. Chavez's soialist regime realizes it needs capital and brain infusion to generate additional revenue. Guess Evo hasn't realized yet that he needs to court the same companies he's kicked out to exploit the natural gas reserves otherwise it will be just like the late 60s and early 70s when YPFB did not drill a single well since all its budget was spent on employees salaries.
If you ask me, Chavez has succeeded in taking Bolivia's biggest natural gas market (Brazil)away. He's a fox.
Did you hear the last? YPFB has no resources and the government wants to take the money from the Central Bank. Where is our good friend, our brother, our "lovely" Chavez?
Post a Comment