ARCO exits Venezuelan oil megaproject

ARCO has sold its 30% working interest in the Hamaca integrated heavy oil project in Venezuela`s oil belt to two of its partners in the joint venture.The Hamaca partners had decided on June 30 to proceed with the project following a temporary delay caused by extended low oil prices.Phillips Petroleum Co. acquired two thirds of ARCO`s Hamaca interest in an asset exchange deal. Phillips traded its 18% working interest in Field LL-652 in Venezuela`s Lake Maracaibo for the portion of ARCO`s Hamaca stake. The move increases Phillips` Hamaca interest to 40%.Texaco Inc. acquired the remaining third of ARCO`s Hamaca interests, bringing its share to 30%. The other Hamaca partner, Petroleos de Vene...

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