April 25, 2006 |
Venezuela is preparing to convert four heavy crude-oil projects valued at about $33 billion to state-majority joint ventures, another step in President Hugo Chavez's effort to assert control of the oil industry and boost government revenue. Venezuela's legislature today will issue a report that is expected to raise royalty rates to 30% from 16.6% on the four projects, which turn tar-like Orinoco crude into 600,000 barrels a day of conventional oil.
October 16, 2000 |
President Hugo Chavez said Sunday the state-owned oil monopoly will be restructured from top to bottom. He started by firing the company's president. Chavez, a former coup leader popular with the country's poor, named Guaicaipuro Lameda Montero, a general and engineer who was heading the government budget office, as the new chief of Petroleos de Venezuela.
October 8, 2000 |
It feels like a time warp: The two-tone brown 1975 Ford LTD V-8 glides into the gas station and the attendant fills the tank--18 gallons for about $7.50. Cheap gasoline is one of the payoffs from this year's crude-oil price boom for the Western Hemisphere's largest oil-exporting nation. While the rest of the world groans at the pump, soaring crude oil revenue helps subsidize gas prices at home; a gallon of regular costs 35 cents.
March 16, 1993 |
Benton Oil & Gas Co., based in Oxnard, has doubled its daily crude output with the start of production by the company's partner in eastern Venezuela. Benton will receive half of the 2,100 barrels a day now being taken from four wells in the Uracoa field, bringing the company's total daily production to about 2,200 barrels, according to Gregory S. Grabar, manager of corporate development. Benton and its partner, Vinccier C. A.
August 5, 1991 |
Mexico, Venezuela to Boost Oil Aid: The two countries agreed to broaden an accord that offers oil on favorable terms to cash-strapped Central American and Caribbean nations. They increased the amount of oil available under the San Jose Pact to 160,000 barrels per day from 130,000.
August 23, 1990 |
Venezuelan Energy Minister Celestino Armas said Wednesday that all 13 OPEC members may meet Sunday in Vienna in response to the call from Saudi Arabia for an urgent meeting to discuss possible oil production increases. "Possibly what we're going to have is a consultative meeting of the 13 members" of the cartel, Armas told reporters. He said the meeting would be held Sunday in Vienna, but he would not elaborate.