BP’s Browne Says Venezuela Risks Investment With Oil Demands

BP Plc Chief Executive Officer John Browne said Venezuela’s demands for more oil revenue risks scaring off foreign investment, at a time when the nation is struggling to boost production and crude prices are at a record high.

Venezuelan President Hugo Chavez is in dispute with oil companies after raising taxes and royalties on companies including Exxon Mobil Corp. and Chevron Corp. and seizing fields of Italy’s Eni SpA and Paris-based Total SA after they refused to accept new terms of production.

Bloomberg