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Oil firms paid USD 4.48 billion in royalties
Petroleumworld
CARACAS
Petroleumworld.com 05 14 07Rafael Ramírez, Venezuela's Minister of Energy and PDVSA CEO said that PDVSA and PDVSA joint ventures and minority partners private paid USD 4.48 billion in royalties to the Treasury in the in first quarter.
The figure disclosed by Ramírez was based on the data provided by the holding's Treasury Division.
According to the Central Bank of Venezuela, in January-February oil operators paid to the central bank USD 1.2 billion in royalties, a decrease of 52.3 percent, compared to USD 2.6 billion in the same period last year.
Ramírez explained that oil firms are paying only the royalties estimated at USD 29 per barrel -the Venezuelan oil basket price averaged USD 50.09 per barrel in the first quarter, for an excess of USD 21.09 per barrel -the price under the Venezuelan budget. The remaining excess royalties is deposited in a special account PDVSA holds at the Treasury Office. This mechanism was designed to help curb liquidity.Industry's oil contributions for 2007 are expected to amount to USD 18 billion in royalties, if oil prices continue around $50 per barrel
Petroleumworld 12 05 07
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