Ecuador accuses oil firms of “abusing” country

April 19, 2010By Andy RowellBlog Post

It is the latest twist in the on-going soap opera of Ecuadorian oil. You have the Indigenous Indians fighting in the courts in a multi-billion battle against Texaco’s lethal toxic legacy – a battle that has been going on for decades. But now the tiny Latin American country is threatening to follow its powerful neighbour, … Read More

Bolivia Seizes Control of Gas Pipeline

June 3, 2008By Andy RowellBlog Post

The Bolivian government has taken full control of a key gas pipeline company after talks with the foreign firm that held a controlling stake broke down. It is the latest move in the Bolivian president’s recent effort to nationalise key industries. President Evo Morales said Transredes had been seized after US company Ashmore Energy International … Read More

Venezuela Pays Oil Companies $1.8 Billion

February 21, 2008By Andy RowellBlog Post

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.

Venezuela Threatens to Cut US Oil Supplies

February 11, 2008By Andy RowellBlog Post

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 … Read More

Trouble in the Colonies

July 5, 2007By Mark FloegelBlog Post

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. Fireworks finished, I had all day Wednesday to contemplate this year’s version of American … Read More

Big Oil Cedes Control to Chávez

April 26, 2007By Andy RowellBlog Post

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 … Read More

Chavez Nationalizes Last Foreign Oil Fields

February 28, 2007By Andy RowellBlog Post

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 … Read More

Morales Follows his Friend Chavez

December 4, 2006By Andy RowellBlog Post

Continuing our Latin American theme today that shows the influence Chavez is having on the region. The Bolivian President Evo Morales has finally signed contracts giving the government control over foreign energy companies’ operations, completing a process begun May 1 with the nationalization of Bolivia‘s petroleum industry. The deals also give the government a majority … Read More

Chavez Wins Runaway Victory

December 4, 2006By Andy RowellBlog Post 1 Comment

Hugo Chavez won a convincing re-election today, giving him another six years to solidify his self-styled socialist revolution and continue his anti-Bush campaign. There is no doubt that Chavez has used Venezuela‘s oil wealth to his political advantage. He has channeled oil profits toward multi-billion programmes for the poor, including subsidised food, free university education … Read More