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2007-04-30 Caribbean-Latin America

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Posted by tu3031 2007-04-30 10:51|| || Front Page|| [1 views since 2007-05-07] Top

On Tuesday, BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France's Total SA and Norway's Statoil ASA will turn over their Orinoco operations to Venezuela's state oil company, Petroleos de Venezuela SA. Chavez, who says he is reclaiming the oil industry after years of private exploitation, is expected to be accompanied by troops and workers clad in revolutionary red amid fly-bys by the military's new Russian-made fighter jets.

Mañana es el Primero del Mayo, Comrades.

Posted by eLarson 2007-04-30 14:02|| 2007-04-30 14:02|| Front Page Top

#2 Two words: management software.

(wink wink)

Posted by mojo">mojo 2007-04-30 17:14|| 2007-04-30 17:14|| Front Page Top

#3 If Chavez expropriates the Oil Companies' assets without fair compensation, tie Hugo up in court everywhere Venezuela tankers go. Kennecott Copper did that years ago when Salvador Allende did that in Chile. Kennecott seized the assets and Allende could not sell copper hardly anywhere. Of course, he later went bump in the night and that was that.

Posted by Alaska Paul">Alaska Paul 2007-04-30 17:25|| 2007-04-30 17:25|| Front Page Top

#4 Hugo's offering bookvalue take it or leave it, no compensation for loss of future earnings.

Posted by Shipman">Shipman 2007-04-30 19:00|| 2007-04-30 19:00|| Front Page Top

#5 I hope they leave some C4 in the wells

Posted by Butch Therese5515 2007-04-30 20:29|| 2007-04-30 20:29|| Front Page Top

#6 That was an amazingly informative, balanced article from AP. Somebody is going to have to get fired for that.

They mention the liability risk if the big oil players retain an interest but not operational control - similar situation still in court in Ecuador regarding former Texaco assets, last I knew (and I don't even think they retained ANY interest, but they still were held liable when successor companies made messes.)

Anyway, these Venezuelan heavy oil projects could become real 'tar babies' (in multiple meanings), where the companies are forced to accept terms that don't make them much, if any, money, but to not accept them risks losing lots of money. Somebody is advising Chavez - I don't think he's that bright.

Posted by Glenmore">Glenmore 2007-04-30 20:31|| 2007-04-30 20:31|| Front Page Top

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