abce certificate
Friday, 21 November, 2008, 17:10 GMT | more >>

PDVSA takes over ConocoPhillips project



By Upstream staff 

Photo by AP


Venezuela's state oil company PDVSA said today it has taken full ownership of US supermajor's ConocoPhillips' Petrozuata project as part of President Hugo Chavez's campaign to nationalise the heavy crude projects of the Orinoco Belt.

PDVSA did not specify what would happen to ConocoPhillips's stake in its other Orinoco project, Ameriven.

A source close to the company told Reuters yesterday ConocoPhillips was going to quit the OPEC nation entirely.

PDVSA said supermajors BP and Chevron, French giant Total and Norway's Statoil had signed deals to take minority stakes in Orinoco projects.

The four Orinoco projects are valued above $30 billion and can produce 600,000 barrels per day.

The PDVSA statement did not say whether fellow US supermajor ExxonMobil would sign a deal to remain in the Orinoco. Industry and government sources have said Exxon has decided to leave its Orinoco project.

PDVSA said Venezuela now controlled 78% of the Orinoco projects. Chavez had pledged to take at least 60% control there as part of his plans to build a socialist republic.


Tuesday, 26 June, 2007, 16:39 GMT  | last updated: Tuesday, 26 June, 2007, 19:38 GMT

e-mail this article to a colleague


to email:  from:
comments: