Offshore staff
Petróleos de Venezuela SA continues to enforce national sovereignty over its hydrocarbons and to strengthen the new strategic vision for its oil business. Recent transition agreements have set the terms to migrate operating agreements to mixed companies where Venezuela will have majority equity in the company that exploits the oil, as provided in the hydrocarbon law.
PDVSA executed the transition agreements with eight companies, including, Repsol, CNPC, Harvest Vinccler, Hocol, Vinccler Oil and Gas, Inemaka, Suelopetrol, and Open.
Under the transition agreements, PDVSA is considering renegotiation for services provided by operators such that the country will never experience financial losses.
Migrating these businesses to mixed companies will vindicate the state's economic interests, PDVSA says, consolidating the integral development of the country, while enforcing full sovereignty over Venezuelan oil.
08/08/05
