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PDVSA to begin paying partners at 21 oil field joint ventures, drills to start operation in three months
Petroleumworld
MARACAIBO
Petroleumworld.com 06 14 07After more than a year of delays, Venezuela's oil company PDVSA will begin paying dividends to its partners at 21 oil field joint ventures, Orlando Chacin, PDVSA's national exploration director, said on Tuesday at the Latin American Petroleum Show in Maracaibo.
"By the end of the month, dividends should be ready for all 21," he told reporters at an oil show.
Seven of JV's have already had their dividends approved, and the rest should be ready iby the end of the month.
The companies working in venezuela include oil majors like Chevron, Shell, Petrobras, Total, Exxonmobil and others.
Chacin said PdVSA had to wait for audited 2006 financial results before making payments, but admitted that other administrative delays have also played a role. Two of the 21 joint ventures have not been ratified by the National Assembly yet.
The 21 joint ventures produced at the preset 320,000 barrels a day, Chacon said. It is 80.000 less that a day prior to day the the joint ventures change to be operated and controlled by PDVSA.
Drills to start operation in three months
José Luis Parada, Manager of Exploration and Production, at PDVSA Western Division, said that PDVSA will take control of 18 drills that had been outsourced to private firms within the next two months.
Ten out of 18 drills are already in PDVSA hands following the expiration of the operation agreements made with service private companies, said Parada.
The remaining eight drills will be recovered over the next two or three months, he added.
Petroleumworld 13 06 07
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