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Venezuela: Govt ratified Aug deadline to define Orinoco belt JV structures
Petroleumworld
CARACAS
Petroleumworld.com 06 12 07Rafael Ramírez, Venezuelan energy and oil minister ratified on Sunday that foreign oil companies in the country have until August 26 to define new shareholding structures of the partnerships in the Orinoco belt joint ventures.
The government as set the date line of June 26,to inform the JVs that the government has approved and will have two additional month to agree in the workings of the new partnerships
PDVSA is requiring at least 60% ownership in all JVs operating in the Orinoco belt.
Even if the foreign companies have been resistant to the new legal requirements everybody has to follow the new hydrocarbons law, Ramirez said.
"This is clear to the transnational enterprises."
The energy and oil ministry will announce
On June 26, Ramirez will inform the JVs that the government has approved and in the next two month they will have to agree in the new shareholding structures of the partnerships
The four Orinoco belt joint ventures projects are producing at the moment 480,000b/d, of a production capacity of 600.000 b/d, according to PDVSA.
Companies operating in Orinoco belt JVs include the following: ConocoPhillips , Chevron , France's Total , Norway's Statoil , Italy's Eni and ExxonMobil.
Venezuela's government in May said it took control of the oil belt, forcing all private companies operating there to enter into PDVSA-dominated JV agreements.
Petroleumworld 11 06 07
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