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.

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