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Caracas pushes takeover of Orinoco assets.

Petroleum Intelligence Weekly

| September 11, 2006 | COPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Venezuela's vast heavy crude reserves ought to be a magnet for investment at a time of high international oil prices. But the government's continuing campaign to crank up taxes and cut down foreign ownership is deterring any serious interest. The companies that placed the biggest bets in the 1990s are now paying the price as Caracas plans to secure majority state control by the end of this year in the four projects that produce and upgrade 630,000 barrels per day of Orinoco extra-heavy oil. The incumbent stakeholders, which include Exxon Mobil, Chevron, ConocoPhillips and French Total, had expected a hike in income tax, but they now face tortuous talks to satisfy demands that …

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Source: HighBeam Research, Caracas pushes takeover of Orinoco assets.

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