Venezuela Sets August Deadline to Define Orinoco JV Structures

Venezuelan state oil company PDVSA’s partners in the Orinoco belt have until August 26 to define new shareholding structures of the joint ventures, government news agency ABN reported PDVSA president and energy and oil minister Rafael Ramirez as saying.

The energy and oil ministry will announce on June 26 the JVs that it has approved and then pass the proposals to the national assembly for ratification.

PDVSA is requiring at least 60 percent ownership in all JVs operating in the Orinoco belt.

Many companies have been resistant to the new requirements but the Venezuelan government has defined its priorities, he said.

“This is clear to the transnational enterprises.”

The four Orinoco projects are producing 482,000b/d, including blends known as Zuata Sweet, Zuata Medium and Hamaca Blend, according to PDVSA. The projects have capacity to produce roughly 600,000b/d.

Companies operating in Orinoco JVs include the following: ConocoPhillips (NYSE: COP), Chevron (NYSE: CVX), France’s Total (NYSE: TOT), Norway’s Statoil (NYSE: STO), Italy’s Eni (NYSE: E) and ExxonMobil (NYSE: XOM), according to a statement posted on PDVSA’s website.

Venezuela’s government in May said it had taken control of the oil belt, forcing all private companies operating there to enter into PDVSA-dominated JV agreements.

Visit BNamericas to access our real-time news reports, 10-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: Exxon Mobil Corporationmore info


 - ExxonMobil, Total Discuss Offshore Drilling Opportunities In Greece (May 19)
 - ExxonMobil Plans to Import Fuel to Mexico to Supply Its Gas Stations (May 19)
 - ExxonMobil Secures Qatari Condensate for Singapore Unit - Sources (May 18)
 Company: Statoilmore info


 - Norway's Statoil Plays Down Risks Ahead Of Arctic Drilling (Apr 24)
 - Statoil Confident Brazil Deal To Go Ahead Despite Suspension (Apr 18)
 - Statoil Exec: Effective Leaders Should Empower People and Machines (Mar 24)
 Company: Total S.A.more info
 - ExxonMobil, Total Discuss Offshore Drilling Opportunities In Greece (May 19)
 - Total Expands Oil Search Offshore West Africa With Mauritanian Deal (May 12)
 - Exxon, Petrobras Said to Hold Talks on Wide-Ranging Partnership (May 9)
 Company: ConocoPhillipsmore info


 - ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal (May 4)
 - ConocoPhillips Posts Surprise Loss On Higher-Than-Expected Costs (May 2)
 - Deal Of The Month: ConocoPhillips Cuts Gas Profile in $3B San Juan Sale (Apr 28)
 Company: Chevron Corporationmore info
 - South Korean Coal Plant Closures May Lift LNG Demand (May 19)
 - Chevron's $54 Billion LNG Plant Hits New Snag in Australia (May 16)
 - Chevron Shuts First Gorgon LNG Export Plant Unit for Around a Month (May 15)
 Company: PDVSAmore info


 - Fuel Shortage Again Hits Oil-rich Venezuela Amid Refinery Woes (May 17)
 - PetroVietnam Says Venezuela Oil Project Still Stalled, Hopes To Reactivate (May 3)
 - PDVSA Notes Rally After Oil Company's $2.2 Billion Payment (Apr 12)
 Company: ENImore info


 - Eni to Build Crude Oil Refinery in Nigeria -Oil Minister (May 9)
 - Eni Shuts Down Oil Center At Major Italy Field After Local Order (Apr 18)
 - Eni Paid No Intermediary, Bribes To Acquire Nigeria Oilfield (Apr 13)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
EH&S Compliance Coordinator
Expertise: Environmental Engineer|Regulatory Compliance
Location: Houston
 
IT Engineer II
Expertise: Engineering Manager
Location: Houston, TX
 
Logistics Analyst I (Road) - Direct Hire
Expertise: Logistics Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours