Bronco_Beerslug
05-01-2007, 09:59 AM
Hmmm, maybe we can try that here, 26 cents a gallon gas sounds pretty good.
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Venezuela seizes last private oil fields (http://news.yahoo.com/s/ap/20070501/ap_on_re_la_am_ca/venezuela_oil_takeover_2)
By NATALIE OBIKO PEARSON, AP Business Writer 8 minutes ago
CARACAS, Venezuela - President Hugo Chavez's government took over Venezuela's last privately run oil fields on Tuesday, intensifying a struggle with international oil firms over one of the world's most lucrative oil deposits.
Oil Minister Rafael Ramirez declared that the Orinoco oil fields had reverted to state control just after midnight. Television footage showed oil workers in hard hats raising the flags of Venezuela and the national oil company over a refinery and four drilling fields in the oil-rich Orinoco River basin. Chavez planned a more elaborate celebration later on May Day, the international workers' holiday, with red-clad oil workers, soldiers and a flyover by Russian-made fighter jets.
The companies ceding control include BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France's Total SA and Norway's Statoil ASA.
All but ConocoPhillips have agreed in principle to state control, and Venezuela has warned it may expropriate ConocoPhillips assets if the company doesn't follow suit.
Chavez is urging the private companies to stay as minority partners. The two sides are locked in contentious negotiations and have until June 26 to negotiate the terms, including compensation and reduced stakes.
The companies appear to be taking a tough stand, demanding conditions — and presumably compensation — to convince them that Venezuela will be a good place to do business.
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Venezuela seizes last private oil fields (http://news.yahoo.com/s/ap/20070501/ap_on_re_la_am_ca/venezuela_oil_takeover_2)
By NATALIE OBIKO PEARSON, AP Business Writer 8 minutes ago
CARACAS, Venezuela - President Hugo Chavez's government took over Venezuela's last privately run oil fields on Tuesday, intensifying a struggle with international oil firms over one of the world's most lucrative oil deposits.
Oil Minister Rafael Ramirez declared that the Orinoco oil fields had reverted to state control just after midnight. Television footage showed oil workers in hard hats raising the flags of Venezuela and the national oil company over a refinery and four drilling fields in the oil-rich Orinoco River basin. Chavez planned a more elaborate celebration later on May Day, the international workers' holiday, with red-clad oil workers, soldiers and a flyover by Russian-made fighter jets.
The companies ceding control include BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France's Total SA and Norway's Statoil ASA.
All but ConocoPhillips have agreed in principle to state control, and Venezuela has warned it may expropriate ConocoPhillips assets if the company doesn't follow suit.
Chavez is urging the private companies to stay as minority partners. The two sides are locked in contentious negotiations and have until June 26 to negotiate the terms, including compensation and reduced stakes.
The companies appear to be taking a tough stand, demanding conditions — and presumably compensation — to convince them that Venezuela will be a good place to do business.