Venezuela's National Assembly Approves All 22 E&P JVs

Venezuela's national assembly approved May 4 all of the 22 contracts for new exploration and production joint ventures between state oil firm PDVSA and 16 foreign and domestic oil companies.

"The goal was achieved: increased government control over production and ownership," Angel Rodriguez, the assembly's energy and mines committee chairman told BNamericas.

Where with the old contracts operators would see their expenditure reimbursed by PDVSA, now, as partners "each company will have to invest" to achieve an increase in production.

"And that is the project, to push that," Rodriguez said, referring to increasing production by year-end.

PDVSA has a minimum stake of 60% in each venture and in some cases as much as 80%. The resulting joint ventures are: Boqueron and Petroperija, with the UK's BP; Petroboscan and Petroindependiente with US major Chevron; Petrowarao and Petrowayu with France's Perenco; Onado and Petronado with Argentine firm Compania General de Combustibles; Petrolera Mata, Petroveas and Petroritupano with Brazilian state oil firm Petrobras; Petrocaracol with China's CNPC; Petrorinoco with US independent firm Harvest Natural Resources; Lagopetrol with British-Colombian-French firm Hocol; Kaki with Inemaka, the E&P subsidiary of Venezuela's Inelectra; Petrocuragua with local firm Open; Petroquiriquire with Spain's Repsol YPF; Petroregional del Lago with Anglo-Dutch major Royal Dutch Shell; Petrocabimas with Venezuela's Suelopetrol; Baripetrol with Argentine firm Tecpetrol; Petroguarico with Japan's Teikoku and Petromiranda with Vinccler, the wholly owned local unit of Canada's PetroFalcon Corporation.

Another eight fields, including Jusepin (formerly operated by France's Total and Dacion, formerly operated by Italy's Eni) reverted to PDVSA. Most importantly, the new contracts establish an increased take for the Venezuelan government of 83.33%, distributed in royalties (30%), taxes (50%) and a local development tax of 3.33%.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.

Related Companies
 Company: BP plcmore info


 - Abu Dhabi Awards China's CEFC 4% Of Oil Concession For $900MM (Feb 20)
 - Eni Completes Sale of 10% Shorouk Concession Interest (Feb 14)
 - Cargo Loadings At Australia's North West Shelf Project Halted (Feb 8)
 Company: Petrobrasmore info


 - Brazil Court Suspends $5.2B Sale Of Petrobras Unit To Brookfield (Feb 10)
 - Brazil's Petrobras Breaks Drought In LatAm Market (Jan 9)
 - Brazil's Petrobras, Joint Venture Hand Back Piracuca Oil Concession (Jan 3)
 Company: Chevron Corporationmore info
 - Cargo Loadings At Australia's North West Shelf Project Halted (Feb 8)
 - US Transparency Reversal Stings Canadian, European Oil Firms (Feb 3)
 - Chevron Says To Give CEO Fewer Stock Options (Jan 30)
 Company: PDVSAmore info


 - Venezuela PDVSA Says In Grace Period For 2035 Bond (Nov 22)
 - Venezuela's PDVSA Reaches $1.45B In Finance Deals With Oil Firms (Nov 4)
 - US Said to Be Closing In on PDVSA-Linked Seizures, Charges (Oct 25)
 Company: Repsol more info
 - Spain's Repsol Aims To Cut Debt By A Further 16% In 2017 (Feb 23)
 - Poll: US, Foreign Oil Companies to Prosper in Trump's USA (Nov 10)
 - European Industry Says Trump Must Define Energy Policy (Nov 9)
 Company: Harvest Natural Resourcesmore info
 - Venezuela Wants Oil Firm Harvest Out, If It Can Find Deep-Pocketed Buyer (Apr 20)
 - Harvest Scores Another Success Offshore Gabon (Feb 11)
 - West African Find for Harvest (Jan 4)
 Company: CNPCmore info
 - Abu Dhabi Awards China's CEFC 4% Of Oil Concession For $900MM (Feb 20)
 - Gazprom, CNPC Broaden Strategic Energy Cooperation (Feb 16)
 - China To Tender More Xinjiang Oil, Gas Blocks To Non-State Firms (Jan 23)
 Company: Teikoku Oilmore info
 - Petrobras: $535 Million In Ecuador Investments On Hold (Apr 8)
 - Teikoku Acquires 35% Stake in Block 31 Offshore Suriname (Aug 29)
 - Venezuela to Resume Offshore E&P Gas Licensing (Jan 25)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Associate Project Manager
Expertise: Project Engineer|Project Management
Location: Kennesaw, GA
 
Senior Project Manager
Expertise: Project Engineer|Project Management
Location: Atlanta, GA
 
Business Development Manager
Expertise: Business Development|Sales
Location: Salt Lake City, UT
 
search for more jobs

Brent Crude Oil : $55.84/BBL 1.44%
Light Crude Oil : $53.59/BBL 0.86%
Natural Gas : $2.59/MMBtu 1.17%
Updated in last 24 hours