Venezuela to Tighten Terms on Oil Fields

Venezuela plans to tighten the tax terms on 32 privately operated oil fields as it rewrites contracts that were signed in the 1990s, an executive at Venezuela’s state-run oil company said Wednesday.

If royalty and income taxes payments are less than 50 percent of total revenue in any given year, companies will have to pay the difference, said Eulogio Del Pino, director of Petroleos de Venezuela SA, or PDVSA.