By OGJ editors
HOUSTON, Aug. 9 -- Petroleos de Venezuela SA has signed transitional agreements with eight oil companies to convert their operating service agreements into joint ventures with the government.
PDVSA Pres. Rafael Ramirez, who also is Venezuelan oil minister, signed the agreements Aug. 4 in Caracas. He said negotiations are under way with 14 other companies that must enter joint ventures by yearend (OGJ, Apr. 25, 2005, p. 48).
"Next year, there will not be any operating agreements in the country," Ramirez told reporters in Caracas.
The eight firms that signed the agreements are involved in 13 oil fields total. The agreements will be valid until Venezuela approves definitive guidelines for joint ventures with PDVSA. Companies also must settle outstanding tax claims before the joint ventures will be considered permanent, government officials said (OGJ Online, Aug. 4, 2005).
Companies signing the agreements include Repsol YPF SA, China National Petroleum Corp., Hocal (owned by Knightsbridge Petroleum Ltd.), and Harvest Vinccler CA (Venezuelan subsidiary of Harvest Natural Resources Inc., Houston).
Venezuelan companies signing the agreement are Suelopetrol, Vinccler Oil & Gas, Inemaka, and Open.