Venezuelan state company PDVSA is letting some joint venture partners take over ...
- Venezuelan state company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions, lack of cash and staff, according to a former oil minister, an opposition lawmaker and industry sources.
That could give Maduro more breathing room by encouraging fresh investment in PDVSA’s operations, potentially boosting oil revenues. However, it would be controversial after late president Hugo Chavez, an iconic figure to many Venezuelans, made nationalization a flagship policy. Ramirez named Rosneft and CNPC among the companies helping to keep PDVSA alive by operating joint oilfields or injecting cash to the state company by buying larger stakes in some ventures. CNPC and Rosneft did not respond to requests for comment. PDVSA and the information ministry, which handles media requests for Maduro’s government, did not respond to Reuters questions.
A CNPC executive, who recently visited the company’s facilities in Venezuela, confirmed the efforts to transfer operation of some oilfields to minority partners but said it was a “futile proposal”.
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