U.S. companies Exxon Mobil, ConocoPhillips and Chevron, Britain's BP, Norway's Statoil and France's Total obeyed a February decree to transfer operational control of their projects developing the OPEC nation's Orinoco crude reserve, one of the largest oil deposits outside the Middle East.
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Venezuela Deprived Global Oil Majors Of Huge Crude Project
Venezuela deprived the world's biggest oil companies of operational control over massive Orinoco Belt
Venezuela deprived the world's biggest oil companies of operational control over massive Orinoco Belt crude projects on Tuesday.
Rallying thousands of workers dressed in the signature red of his self-styled revolution, President Hugo Chavez hailed what he called the end of U.S.-prescribed policies that had opened up the largest oil reserves in the hemisphere to foreign investment.
U.S. companies Exxon Mobil, ConocoPhillips and Chevron, Britain's BP, Norway's Statoil and France's Total obeyed a February decree to transfer operational control of their projects developing the OPEC nation's Orinoco crude reserve, one of the largest oil deposits outside the Middle East.
The four Venezuelan projects are valued at more than $30 billion and can turn about 600,000 barrels per day (bpd) of heavy, tarry crude into valuable synthetic oil.
U.S. companies Exxon Mobil, ConocoPhillips and Chevron, Britain's BP, Norway's Statoil and France's Total obeyed a February decree to transfer operational control of their projects developing the OPEC nation's Orinoco crude reserve, one of the largest oil deposits outside the Middle East.
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