Italian Ambassador: Eni Willing to Negotiate Oil Deal

Italian oil firm Eni (NYSE: E) is willing to negotiate with Venezuelan authorities despite having its Dacion oil field appropriated by Venezuela's government after refusing to sign a new joint venture proposal, state news agency ABN reported.

"Eni directors are willing to negotiate the value of the investment they have carried out in Venezuela's oil sector," Gerardo Carante, Italy's ambassador to Venezuela, was quoted as saying.

"President Hugo Chavez during his latest trip to Italy talked to them [Eni] about this," he said. Eni has invested some US$1.5bn in Dacion, Carante said. Chavez visited Italy two weeks ago.

Eni and France's Total (NYSE: TOT) refused to enter into joint ventures with state oil firm PDVSA in fields they had been working in under operating agreements for over a decade. As a result they had their fields taken by force and have received no reported compensation.

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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Safety and Environmental Management System Specialist (SEMS)
Expertise: Environmental, Safety & Training|Regulatory Compliance|Safety Engineering
Location: Houston, TX
Field Operations Supervisor II Job
Expertise: Field Service Tech|Refinery / Plant Operations Supervisor|Regulatory Compliance
Location: Minneapolis, MN
Contract Administrator
Expertise: Contracts Administration
Location: Chesapeake, VA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours