PDVSA Renames Nationalized Orinoco JVs
Petrozuata, formerly controlled by oil major ConocoPhillips (NYSE: COP) and now 100% controlled by PDVSA, has been renamed Petro Anzoategui.
Sincor has been renamed Petro Cedeno. Under the terms of the June nationalization, French oil company Total's (NYSE: TOT) interest in Sincor dropped from 47% to 30% and Norwegian oil company Statoil's from 15% to 10%. PDVSA now controls the remaining 60% of the venture.
Ameriven was renamed Petro Piar. PDVSA controls 70% of the venture after taking control of ConocoPhillips' former 40% share in the venture. Oil major Chevron (NYSE: CVX) holds the remaining 30%.
Finally, Cerro Negro will now be known as Petro Monagas. PDVSA controls 83.4% of the JV after taking over ExxonMobil's (NYSE: XOM) 42% share. Oil major BP (NYSE: BP) holds the remaining 16.6%.
ExxonMobil and ConocoPhillips pulled out of Venezuela after failing to reach an agreement with PDVSA regarding the requirement that PDVSA control 60% of all JVs operating in the region.
The companies are still in negotiations with PDVSA for compensation of their nationalized assets.
The name changes are in line with socialist reforms and honor figures from Venezuela's history, President Hugo Chavez said in his weekly Alo Presidente talk show.
Chavez said daily production in the Orinoco belt is currently 510,000b/d.
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.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea