Harvest, Pluspetrol adjust Venezuelan deal

Harvest Natural Resources Inc., Houston, and Pluspetrol Venezuela SA are discussing a revised structure for the latter’s acquisition of Harvest’s Venezuelan equity affiliate (OGJ Online, Sept. 11, 2013).

Pluspetrol would acquire Harvest’s 32% interest in the affiliate, Petrodelta SA, by buying HNR Energia BV’s 80% interest in Harvest-Vinccler Dutch Holding BV (HVDH) in two transactions with combined consideration of about $400 million.

In the first transaction, Pluspetrol would buy 29% of HVDH for $125 million. Closing of that deal is expected in December. Net proceeds to Harvest are estimated at $120 million after deductions for transaction expenses and taxes.

Pluspetrol would buy Harvest’s remaining interest in HVDH for $275 million in the second transaction. Closing is expected in the first half of 2014 if the deal receives approval of Harvest directors and the Venezuelan government. Net proceeds to Harvest would be about $200 million.

Related Articles

CNPC, Rosneft advance Tianjin refinery project

10/13/2014 China National Petroleum Corp. (CNPC) and OAO Rosneft have signed an agreement for the extension of strategic cooperation on the Tianjin joint vent...

BlueGreen Alliance calls for strong US methane reduction strategy

10/13/2014 The BlueGreen Alliance, a coalition of 10 national labor unions and 5 environmental organizations, urged the Obama administration to adopt a strong...

Petronas purchases share in Shah Deniz for $2.2 billion


Malaysia’s Petronas has purchased a 15.5% share in the Shah Deniz production-sharing agreement in Azerbaijan from Statoil ASA.

MARKET WATCH: November crude prices buck trend, end week up slightly

10/13/2014 The New York Mercantile Exchange November crude oil contract gained 5¢ on Oct. 10, closing at $85.82/bbl. The December contract, meanwhile, dropped...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected