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| Oil sector on the State grip
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| The so-called “migration to joint ventures” finished off a policy which fostered the direct involvement of the domestic and foreign private sector in the oil business (File photo) |
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Oil opening ended finally in June 2007 upon expiration of
the term afforded by the State to private former operators
in the Orinoco oil belt and the risk exploration and shared
profits agreements to turn their businesses into joint ventures.
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Takeover of Orinoco oil belt at midnight
On May 1st, 2007, Energy and Petroleum Minister Rafael Ramírez
and workers from the Jose Cryogenic Complex, held several
acts aimed at taking over operations at the Orinoco
oil belt.
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Databank
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Strategic partnerships were producing around 600,000 bpd
in the Orinoco oil belt. These partnerships included
French Total, Norwegian Statoil, British Petroleum (BP) and
US Conoco-Phillips, Chevron and Exxon Mobil, which were paying
a 33.33-percent royalty and 50 percent of income tax per barrel.
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Chávez, Lukoil head deal with cooperation
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Vaguit Alekperov, the president of Russian private oil company
Lukoil, met on June 28 in Moscow with Venezuelan President
Hugo Chávez to discuss cooperation projects in Venezuela,
reported the firm steering committee. The businessman stressed
that Chávez' government sets very tough conditions for
foreign investors in the Venezuelan market. However, "the
company will not dismay and continue the talks to enter into
new projects."
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Moody's downgraded three projects in Orinoco Oil Belt
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Moody's Investors Service pushed down the Hamaca, Petrozuata
and Sincor ratings from B1 to B2. According to Bloomberg,
the measurement affects the existing debt of USD 2.5 billion.
The downgrade mirrors the changes recorded in the industry.
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Chávez: Venezuela, Russia still energy partners
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Venezuela and Russia continue being strategic partners in
energy issues, said June 28 in Moscow Venezuelan President
Hugo Chávez during the opening of the Cultural Center
for Latin American Integration in the Russian capital, where
he arrived on June 27 night for an official visit ending
next June 30.
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Government ceremony for takeover
From the very oil facilities in the Orinoco oil belt, President
Hugo Chávez decreed the death of oil opening started
in Venezuela in the 90's. He explained why Venezuela
took up again control of oil operators.
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Background
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June 26 was the deadline set by the Venezuelan government for migration
of five strategic partnerships in the Orinoco Oil Belt and
three share risk and profit agreements to joint ventures in
which the Venezuelan State is to hold a majority stake. The
new names of the former strategic partnerships are:
Sincor was renamed Petrocedeño after Manuel Cedeño;
Petrozuata, now fully operated by Pdvsa, is called Petroanzoátegui
after José Antonio Anzoátegui; Ameriven is now called
Petropiar after Manuel Piar; and Cerro Negro is now Petromonagas.
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