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Jackson News-Tribune (WY USA): Report: Venezuela Took Land From Oil Cos.

Report: Venezuela Took Land From Oil Cos.

Staff and agencies
17 April, 2006

CARACAS, Venezuela – Venezuela reclaimed more than 10,700 square miles in potential drilling acreage from private oil companies last month by requiring them to join new state-controlled joint ventures, a newspaper reported Monday.

Under the new terms, PDVSA took at least a 60 percent stake in each field, hiked taxes and royalties, and took back drilling acreage that it claimed the companies had failed to invest in.

Unnamed foreign companies received a total of $900 million in “investment bonds” for use in new joint ventures to develop the oil acreage that was seized, El Tiempo said on its Web site.

Oil companies such as Chevron Corp., Brazil‘s Petrobras, and Royal Dutch Shell PLC lost oil acreage to PDVSA during the contract negotiations.

Venezuela is a founding member of OPEC and was the fourth-largest supplier of U.S. oil imports in 2005.

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