Venezuela has confirmed it has paid $1.8 billion in compensation to French, Norwegian and Italian oil companies for nationalizing key oil fields in the Orinoco basin in 2006.
France’s Total, Norway’s Statoil and Italy’s ENI gained the settlement after they accepted the book price for the assets Venezuela’s state-run PDVSA oil company took over.

Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the US if it continues what he calls an economic war. “Take note Mr Bush, Mr Danger,” said Mr Chavez in his weekly televised address. “I will cut off oil supplies.”
British and US courts froze assets belonging to Venezuela’s state energy company last […]

The Fourth of July was cool and rainy in Vermont, as it seems to be with surprising regularity. I suppose that’s why my town sets off its fireworks on the evening of July 3rd, which was perfect for pyrotechnics this year.

Four multinational oil companies have finally agreed to cede control of Venezuela’s last remaining privately run oil projects to President Hugo Chávez’s government.
Officials from Chevron, BP, Total and Statoil signed memorandums of understanding this week agreeing to give state oil company Petróleos de Venezuela a majority stake in three of the projects. Exxon Mobil signed […]

Even more trouble for the oil majors. Venezuela’s President Chavez has announced a new law that nationalizes the last remaining oil production sites that are under foreign company control.
The nationalizations, which affect oil production in the heavy fuel Orinoco Oil Belt, will take effect on May 1st of this year, until which time companies may […]