Article

2007-06-27 Caribbean-Latin America

Petro-Canada joins Venezuelan oil exodus

Petro-Canada has pulled out of Venezuela by rejecting new nationalistic terms for oil projects and passing its stake in one discovery to President Hugo Chavez's government, it said on Tuesday. "We have decided not to migrate to the new commercial structure, so our working interest passes to the Venezuelan government," Petro-Canada spokeswoman Michelle Harries said. The company had a 20 percent interest in the La Ceiba discovery, which was not producing oil. It was operated by Exxon Mobil Corp., which quit its Venezuelan operations after failing to strike a deal to stay in a number of multibillion-dollar projects in the OPEC nation.

Posted by lotp 2007-06-27 00:00|| || Front Page|| [11135 views ] Top

#1 And, just where does Baby Hugo think he's going to have his tar refined ? The only two refineries currently processing his goo are located in the US, correct ?

Posted by Woozle Elmeter2970 2007-06-27 00:50|| 2007-06-27 00:50|| Front Page Top

#2 There is one in the Caribbean that can process the Venezuelan sludge, but I am not certain that it is still functional. There were indications 2 years ago that it was being looked at for closure.

Posted by Shieldwolf 2007-06-27 01:36|| 2007-06-27 01:36|| Front Page Top

#3 I have no doubt that the chinese have some use for that shit. Seems to be what he prefers anyway. I'm sure enough of the big boys will stay around and grovel at his feet to keep him in business. I don't think they're going to be breaking any production records though.

Posted by bigjim-ky 2007-06-27 09:24|| 2007-06-27 09:24|| Front Page Top

#4 I read in the WSJ yesterday that many Venezuelan petro engineers and their families have fled Venuzuela for northern Canada (Alberta).

Today I read in the WSJ that Exxon and Conoco have walked away from multibillion dollar investments in Venuzuela.

The clock is ticking on Chavez.

Posted by JohnQC 2007-06-27 11:35|| 2007-06-27 11:35|| Front Page Top

#5 "Venezuelan sludge"
It's great for paving roads. If you've got some dirt roads to pave, be sure to give Hugo a call.

Posted by Glenmore">Glenmore 2007-06-27 18:12|| 2007-06-27 18:12|| Front Page Top

#6 We have a good young Venezuealan engineer working for us. Just had him an anchor baby too. Heading off to Trinidad for an assignment now though (tough duty, huh?)

Posted by Glenmore">Glenmore 2007-06-27 18:15|| 2007-06-27 18:15|| Front Page Top

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