IOCs consider Orinoco heavy oil options

Por Venezuela Real - 21 de Mayo, 2007, 15:50, Categoría: Petróleo/Energía

ARCAYA & ASOCIADOS
Think Tank
May 21, 2007

SUBJECT: The future of Venezuela's heavy oil projects.
 
SIGNIFICANCE: On May 1, state oil company PDVSA took over control  of the four Orinoco belt heavy oil upgrading projects from the current  multinational operators.
 
ANALYSIS: The transfer of control of the four Orinoco heavy oil  upgrading projects to state oil company PDVSA arguably marks, in the  words of President Hugo Chavez, "the last step" in Caracas's advance  towards full control of the country's hydrocarbons sector. It came as no
surprise to those operating in the sector, following an earlier series of similar  moves, but it nonetheless constitutes an unwelcome development for the  international oil companies (IOCs).

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