PdVSA: Orinoco Signing Ceremony Postponed

CARACAS Jun 25, 2007 (Dow Jones Newswires)

Venezuela's oil ministry postponed the signing ceremony for the new stakes in the Orinoco river oil projects scheduled for late Monday.

Petroleos de Venezuela will sign new agreements with the companies Tuesday, which coincides with the deadline for all foreign oil companies to seal a deal with the government, according to a PdVSA press release.

The Orinoco oil belt contains some of the largest oil reserves in the world. PdVSA has partnered with Statoil ASA (STO), Total Oil (TOT), BP Plc (BP), Chevron Corp. (CVX), ConocoPhillips (COP), and Exxon Mobil Corp. (XOM) in the four projects located in this area.

So far Exxon and Conoco have been known to have reservations about the government's new plans for the oil upgrading projects in which they hold a stake. Talks with these companies have been less than amicable, and many observers have speculated they could choose to discontinue their involvement in those deals.

Copyright (c) 2007 Dow Jones & Company, Inc.

Related Companies
 Company: BP plcmore info


 - Billionaire Ratcliffe Hunts Oil to Repeat Chemicals Empire Build (May 24)
 - Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
 - BP Sees Early Promise, Growing Investment In Mexico Energy (May 17)
 Company: Exxon Mobil Corporationmore info


 - Nigeria To Mediate In Dispute Between Exxon And Labor Unions (May 24)
 - Shell Shareholders Reject Emissions Target Proposal (May 23)
 - ExxonMobil, Total Discuss Offshore Drilling Opportunities In Greece (May 19)
 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 Africa Wants Sinopec to Retain Refinery Capacity (May 25)
 - Venezuela Oil Executive Arrested in Corruption Probe (May 23)
 - Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
 Company: PDVSAmore info


 - Venezuela's Secret Plot to Sell Banned Syrian Oil in U.S. Market (May 25)
 - Venezuela Oil Executive Arrested in Corruption Probe (May 23)
 - Fuel Shortage Again Hits Oil-rich Venezuela Amid Refinery Woes (May 17)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Operator Assistant
Expertise: Regulatory Compliance|Rig Mover|Wireline
Location: Bakersfield, CA
 
Operations Coordinator
Expertise: Logistics Management|Operations Management
Location: Sugar Land, TX
 
Director of Contracting
Expertise: Contracts Engineer|Refinery Specialist
Location: Salt Lake City, UT
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours