Offshore staff
(Venezuela)- Venezuela's national assembly approved all of the 22 contracts for new E&P joint ventures between state oil firm Pdvsa and 16 foreign and domestic oil companies.
In a statement announcing the May 4 vote, Energy and Mines Committee Chairman Angel Rodriguez said "The goal was achieved: increased government control over production and ownership."
Under the previous contract scheme, operators would see their expenditure reimbursed by Pdvsa. Now, as JV partners, "each company will have to invest" to achieve an increase in production.
"And that is the project, to push that," Rodriguez said, referring to increasing production by year-end.
Pdvsa has a minimum stake of 60% in each venture and in some cases as much as 80%.
Below is a list of the new JVs and corresponding partners:
- Boqueron and Petroperija (BP)
- Petroboscan and Petroindependiente (Chevron)
- Petrowarao and Petrowayu (France's Perenco)
- Onado and Petronado (Argentina's Compania General de Combustibles)
- Petrolera Mata, Petroveas and Petroritupano (Petrobras)
- Petrocaracol (China's CNPC)
- Petrorinoco (US independent Harvest Natural Resources)
- Lagopetrol (British-Colombian-French firm Hocol)
- Kaki (Inemaka, the E&P subsidiary of Venezuela's Inelectra)
- Petrocuragua (local firm Open)
- Petroquiriquire (Spain's Repsol YPF)
- Petroregional del Lago (Royal Dutch Shell)
- Petrocabimas (Venezuela's Suelopetrol)
- Baripetrol (Argentina's Tecpetrol)
- Petroguarico (Japan's Teikoku)
- Petromiranda (Vinccler, the local unit of Canada's PetroFalcon Corp.).
Another eight fields, including Jusepin (formerly operated by France's Total and Dacion, formerly operated by Italy's Eni), reverted to Pdvsa.
The new contracts also establish an increased take for the Venezuelan government of 83.33%, distributed in royalties (30%), taxes (50%) and a local development tax of 3.33%.
5/9/2006
