PARIS (AFX) - Venezuelan press reports said Total SA and Eni have refused to put their Venezuelan oil production operations into joint ventures with PDVSA where the state-owned company would have a blocking majority.
Sixteen other foreign oil companies have created ventures with PDVSA in compliance with Venezuelan law, while Exxon Mobil Corp refused to accept the conditions and sold its stake in the operations involved.
Total produces 33,000 barrels per day of oil from Venezuela's Jusepin field, and Eni produces 50,000 barrels per day from the Dacion field. paris@afxnews.com mjs/bam COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited