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Friday, 21 November, 2008, 21:10 GMT | more >>

Total goes with Orinoco flow



By Upstream staff 

French giant Total is still in talks with Venezuelan officials over the takeover of a majority stake in the Orinoco belt Sincor project to state-run PDVSA, adding a deal could be signed later today.

"Total confirms that we are still discussing and we hope to be able to sign (a deal) today," a company spokeswoman said.

Meanwhile, PDVSA said a ceremony will be held later today for foreign companies to sign memoranda of understanding about their future participation in Orinoco oil projects in which Venezuela is seizing a majority stake.

Chevron, Statoil and BP are also expected to agree to stay on in the projects valued above $30 billion and able to produce 600,000 barrels per day, a government official told Reuters.

However, ExxonMobil and ConocoPhillips, the other two companies involved in assets that are targeted for takeover, have refused to agree to stay in the massive Orinoco oil reserve, officials in the industry and the government said.


Tuesday, 26 June, 2007, 14:36 GMT  | last updated: Tuesday, 26 June, 2007, 14:47 GMT

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