After nationalizing country’s oil reserve, Venezuela government has forced foreign oil drillers to sign a pact, in which they will sell their majority stakes to state-run Petroleos de Venezuela, S.A.
New norms have forced to change hands as Hugo Chavez provides only two options, as one is to opt or to leave country altogether.
Two American oil giant, Exxon Mobil and ConocoPhillips have firmly rejected Venezuelan government offer to negotiate with the new norms as they are ready to leave country. But four others Statoil, BP, Total and Chevron have signed the deal and ready to work with the Venezuelan PDVSA.
We got the detail of six heavy oil projects in Venezuela about the revised stakes and estimated production.
In CERRO NEGRO: Petroleos de Venezuela SA (PDVSA) will own 83.37 percent and BP PLC will left be 16.63 percent stake, whereas previously PDVSA owned only 41.6 percent; Exxon Mobil 41.7 percent; BP 16.7 percent, and will produce 105,000 barrels per day.
In SINCOR: PDVSA gets 60 percent dominance, Total was left with SA 30.3 percent and Statoil ASA 9.7 percent, and total production will be 180,000 barrels per day. Previously PDVSA had 38 percent stakes, Total had 47 percent and Statoil were enjoying with 15 percent.
In AMERIVEN: PDVSA get access to ConocoPhillips 40 percent additional shares and its total stakes rose to 70 percent, whereas Chevron Corp. is firm on its previous stakes 30 percent and will produce 190,000 barrels per day.
In PETROZUATA: PDVSA successfully gets 100 percent stakes, in which ConocoPhillips owned 50.1 percent, but as it didn’t sing the new Venezuelan pact, PDVSA get access to 100 percent stakes. PETROZUATA will now produce 104,000 barrels per day.
In LA CEIBA: PDVSA will get advantage over the 50 percent stakes of Exxon Mobil and will be empowered with the 100 percent equity.
In COROCORO: PDVSA will rule with the additional 36 percent stakes, which it acquire from the ConocoPhillips 32.5 percent and OPIC Karimun Corporation 6.5 percent, Eni SpA successfully retain its previous owned 26 percent stakes.
Venezuela has opted to nationalize country’s measure business. Chavez has already pulled out his country from the World Bank and IMF. Chavez led Country show its displeasure with U.S dominating ruling and urges other nation to pad up against U.S autocracy.
