Peter Howard Wertheim
OGJ Correspondent
RIO DE JANEIRO, Apr. 3 -- Petroleo Brasileiro SA (Petrobras) signed oil contracts with Venezuela that give it 40% interests in Venezuelan fields it operates.
The contracts, signed Apr. 1, give Petroleos de Venezuela SA (PVDSA) 60% stakes, Petrobras CEO Sergio Gabrielli said Apr. 2 at a press conference.
Venezuelan President Hugo Chavez said 17 Venezuelan and international oil companies (IOCs) agreed Mar. 31 to turn privately run oil fields into joint ventures controlled by PVDSA.
Under the new arrangement, PDVSA holds a minimum 60% stake in the new partnerships, splitting oil revenues with companies.
The new pacts convert 32 privately run oil fields into 30 joint ventures are replacing old agreements that gave the foreign companies a bigger share.
Repsol YPF SA, Royal Dutch Shell PLC, and China National Petroleum Corp. are among the 17 Venezuelan and international oil companies that have agreed to the new legal framework.
