Four More Firms Migrate to PDVSA-Controlled JVs

Four more oil companies signed preliminary agreements on Monday to migrate their Venezuelan operating agreements to joint ventures controlled by state oil firm PDVSA, the latter said in a statement.

US oil major Chevron, Italy's Eni, France's Total and US firm West Falcon Samson signed the agreements, the statement said.

Eni operates the Dación field in Anzoátegui state, Total the Jusepín field in Monagas state, West Falcon Samson the Falcón Oeste field in Falcón state and Chevron the Boscán and LL652 oilfields in the west of the country.

The four companies represent production of 216,600 barrels a day (b/d) of oil, or 40.68% of the total production under operating agreements with private companies.

A total 19 companies with 31 operating agreements representing production of 532,240b/d have now signed preliminary agreements to migrate to the new JVs, in which PDVSA will have an average 60% stake, the statement said.

Only one company, US oil major ExxonMobil, is still holding out ahead of the December 31 deadline to accept the new terms or have their oilfields seized by PDVSA.

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