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Venezuela buys ConocoPhillips' gas project stake
Oct 3, 9:54 AM (ET)
By RACHEL JONES
CARACAS, Venezuela (AP) - Venezuela's state oil company has purchased ConocoPhillips' 40 percent stake in a joint natural gas venture with Chevron Corp.
Terms of the deal announced late Friday were not disclosed.
State-run Petroleos de Venezuela SA, or PDVSA, said it will now team up with Chevron to exploit the reserves in that area of Venezuela's Deltana Platform.
PDVSA will control 61 percent of the joint venture, and Chevron 39 percent. Some 7 trillion cubic feet of natural gas reserves have been discovered, and the project is expected to produce some 750 million cubic feet per da
http://apnews.myway.com/article/20091003/D9B3LF7O0.html
Oct 3, 9:54 AM (ET)
By RACHEL JONES
CARACAS, Venezuela (AP) - Venezuela's state oil company has purchased ConocoPhillips' 40 percent stake in a joint natural gas venture with Chevron Corp.
Terms of the deal announced late Friday were not disclosed.
State-run Petroleos de Venezuela SA, or PDVSA, said it will now team up with Chevron to exploit the reserves in that area of Venezuela's Deltana Platform.
PDVSA will control 61 percent of the joint venture, and Chevron 39 percent. Some 7 trillion cubic feet of natural gas reserves have been discovered, and the project is expected to produce some 750 million cubic feet per da
http://apnews.myway.com/article/20091003/D9B3LF7O0.html