Tax Authority Asks for US$15mn from Five Oil Companies
Venezuela's tax authority, Seniat, said local units of China's CNPC, Japan's Teikoku Oil, London-based Perenco and Norway's Statoil (NYSE:STO), plus a unit of state oil firm PDVSA owe it collectively more than 33bn bolivares (US$15mn).
The first three companies, minority partners in oil and gas E&P joint ventures with PDVSA, owe money as part of last year's income tax increase to 50% from 34%, a Seniat official told BNamericas.
The last two are partners in the Sincor joint venture project in the Orinoco oil belt and owe some 5bn bolivares due to a tax increase, the official said.
Seniat says CNPC owes 23.5bn bolivares in back taxes. Teikoku has paid the 202mn bolivares it owed.
The amount demanded of Statoil and PDVSA, partners in the Sincor project, "hails from 2002 and was calculated at 34% - we didn't even use the new 50% tax rate" that was passed last week, the official said.
In addition, Houston-based oil company Harvest Natural Resources' (NYSE: HNR) 80%-owned Venezuelan affiliate Harvest Vinccler received a final assessment from Seniat for 120bn bolivares in taxes for 2001-04.
"We will continue to pursue with the Seniat as best we can, resolve all tax matters from 2001-05 and will communicate the results in due course," Harvest CEO James Edmiston said in a statement.
Seniat has collected 700bn bolivares in taxes thanks to last year's tax increase.
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.
Operates 1 Offshore Rigs
- Statoil Takes First Bite Of Solar Market With Brazilian Joint Venture (Oct 04)
- Statoil Charters Last of Largest Oil Tankers to Hold Crude for Asia Buyers (Sep 28)
- Statoil And Partners Plan Output Capacity Expansion At Troll Gas Field (Sep 26)
Company: Perenco more info
Operates 2 Offshore Rigs
- Reports: Offshore Gas Worker Dies in North Sea Incident (Dec 07)
- BP: Potential Gas Play Could Open Up New Phase of North Sea Development (Dec 06)
- Golar, Perenco Reach Agreement on Commercial Terms of Cameroon FLNG Project (Jul 01)
Company: CNPC more info
- China's CNPC Starts Third Natural Gas Pipeline To Shanghai (Oct 13)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
- CNPC, Guangdong Sign Strategic Deal On S. China Sea Methane Hydrate (Aug 28)
Company: Teikoku Oil more info
- Petrobras: $535 Million In Ecuador Investments On Hold (Apr 08)
- Teikoku Acquires 35% Stake in Block 31 Offshore Suriname (Aug 29)
- Venezuela to Resume Offshore E&P Gas Licensing (Jan 25)
Company: Harvest-Vinccler more info
- Harvest Agrees to Comply with Tax Rates (Nov 17)
- Tax Authority Asks for US$15mn from Five Oil Companies (Sep 08)
- Harvest and CVP Sign MOU Defining Assets for Venezuelan Mixed Company (Aug 21)