Venezuela State Oil Company Signs JV

Venezuela’s state oil company signed a series of deals with eight private oil firms Thursday, obtaining a majority stake in oil fields where the firms used to pump crude independently under contract.

The move to set up joint ventures with the companies is one of many recent steps by the Venezuelan government to exert more control over the industry and generate more revenue amid high oil prices.

Venezuela has ordered 22 oil firms to convert their contracts into joint ventures with state-owned Petroleos de Venezuela S.A., or PDVSA, by the end of this year.

Company president Rafael Ramirez, who is also Venezuela’s oil minister, said talks are moving rapidly with the remaining 14 companies on the list.

Forbes