Arcaya & Asociados
June 8th 2007
President Hugo Chavez said on Thursday a U. S. oil company has abandoned oil wells in Venezuela during his nationalization drive this year in the sector. The state oil company took over the multibillion-dollar operations of Venezuela's last privately run oil fields on May 1. But Chavez has given the companies involved until June 26 to agree with the government over whether they remain as partners in the projects.
On Thursday, Chavez trumpeted the nationalization of the sector. "Due to this policy... some companies even left. There is one Yankee company that left and left the wells abandoned," Chavez said at a political event with university students, without naming any company. It was unclear if he was referring to companies leaving the operations in the Orinoco reserve belt, as he decreed, or was announcing that some companies had decided to stop doing business in the OPEC nation altogether.
The targeted companies in projects valued above $30 billion and capable of producing 600,000 barrels per day are the U. S. companies, Exxon Mobil , ConocoPhillips, Chevron Corp., Norway's Statoil, Britain's BP Plc and France's Total . All of the companies have said they were talking to the government about possibly participating in the projects. None have said they have decided to leave the projects or stop doing business in the country.