BP blames Venezuela’s Chavez for shortfall in production

Venezuela’s left-wing government is demanding that BP give up an even greater proportion of the oil produced at its fields in the country, as president Hugo Chavez tries to claw back more of the country’s oil wealth from multi-national companies.

BP – the UK’s largest oil company – said yesterday that it produced less oil in the past three months than many analysts had predicted, leading some to suggest it could miss its production targets for the year.

The company blamed a more aggressive attitude by the Chavez government, which forced the renegotiation of contracts on three of BP’s oil fields in Venezuela.
The Independent