By RACHEL JONES(AP)– 4 hours ago CARACAS, Venezuela — Venezuela's state oil company has purchased ConocoPhillips' 40 percent stake in a joint natural gas venture with Chevron Corp.
State-run Petroleos de Venezuela SA, or PDVSA, said it will now team up with Chevron to exploit the reserves in that area of Venezuela's Deltana Platform. PDVSA will control 61 percent of the joint venture, and Chevron 39 percent. Some 7 trillion cubic feet of natural gas reserves have been discovered, and the project is expected to produce some 750 million cubic feet per day.
Full Story: Venezuela buys ConocoPhillips' gas project stake - The Associated Press
State-run Petroleos de Venezuela SA, or PDVSA, said it will now team up with Chevron to exploit the reserves in that area of Venezuela's Deltana Platform. PDVSA will control 61 percent of the joint venture, and Chevron 39 percent. Some 7 trillion cubic feet of natural gas reserves have been discovered, and the project is expected to produce some 750 million cubic feet per day.
Full Story: Venezuela buys ConocoPhillips' gas project stake - The Associated Press
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