Venezuela to hit heavy oil projects with natural gas bill

Venezuela is tightening the fiscal noose around oil majors that pump heavy crude in Venezuela’s Orinoco river basin as it prepares a retroactive royalty bill on associated natural gas production.

“We’re preparing our claim so that the companies make a retroactive payment for this gas that they had no rights to,” said Oil Minister Rafael Ramirez, speaking to reporters late Tuesday. “They have to pay royalties.”