who's john galt...???
Posted on 04/03/2006 5:25:40 PM PDT by the invisib1e hand
The government said it had taken the step after the failing to agree a deal with the two firms which would give it a majority stake in new ventures.
President Hugo Chavez has been working to strengthen state control over oil production in the country.
So far, 16 oil firms have agreed to change their operations into joint ventures with state oil firm PDVSA.
US based Chevron, Royal Dutch Shell and Spain's Repsol are among the companies that signed the agreement on Friday.
In an interview on state television, Minister Rafael Ramirez said the government took over the fields operated by Total and Eni on Saturday.
"We are waiting for a resolution with these operators after they exhausted the possibility of entering into the mixed companies," Mr Ramirez added.
Legal action?
Total's Jusepin field produces about 30,000 barrels of oil a day, while Eni's Dacion field produces almost 60,000 barrels per day (bpd).
Eni has vowed to fight the takeover which it declared illegal.
"Eni believes that this action by PDVSA is a violation of Eni's contractual rights," it said in a statement.
The company added it was considering possible legal action and would be seeking compensation.
Total confirmed its oil field had been taken over, but declined further comment.
Tighter controls
Last year, Mr Chavez declared 32 oil exploration deals in the country illegal - prompting the change to the contracts.
PDVSA officials had voiced fears that the previous agreements were disguised attempts to privatise the country's oil industry.
However, some oil firms have refused to sign new deals, arguing that they have pumped millions into operations in Venezuela, and now may not see any return on their investment.
Venezuela is currently the world's number five crude oil exporter.
The government has been tightening its grip on the oil sector to raise additional funds to fight poverty in the country.
As well as demanding firms give up majority control of their Venezuelan oil ventures, the government is also demanding firms pay more taxes.
Last month, BP was slapped with a back tax bill of $61.4m (£35m) covering 2001 to 2004.
Communism with a piggy bank. Wonder if anyone will notice that it can't last.
The chicoms are pushing this. They want those contracts.
Should have got out while the getting was good a few years back. Today what is illegal in Venezuela is whatever chavez says is illegal, and whatever is legal is whatever pops into his head.
Hopefully someone down there will have an epiphany and off him at a dinner party with a cheese knife.
Besides, cornering the oil market was all the rage in Russia a year or so ago. They'll take the Chinese' money, thank you. And at as high a price as they can squeeze from the market.
Makes you think that someday, the world might pine for the good old days when OPEC controlled the valves.
I suppose an ice pick, fire place poker, or errant fork lift would be too good for him?
Po' ol' Hugo...Its about the money Hugie.. News flash Hugo you just armed the very ones that will do you in.. The people.. They be dumber than a post but an empty stomach with no Mercedes in the garage will make them envious...
Total/Fina/Elf? Have the French surrendered yet?
The M.O. of every power hungry, self serving, lying dictator never changes, "we are doing it for the children and the poor."
Can you imagine what it is going to be like on judgment day when these people have to stand before God and try to lie their way out of it, when he has a video tape (as it were) of every thought and action they ever took.
Chavez: "but God, I wanted to help the poor"
God: "roll the tape" (shows Chavez talking to Castro on how they can use oil to destroy America)
And on and on it will go, as one demonic dictator after another gets their ticket punched to eternal damnation.
Ellis Wyatt, where are you when we need you?
who's john galt...???
Ramon Mercader where are you when we need you?
'In an interview on state television, Minister Rafael Ramirez said the government took over the fields operated by Total and Eni on Saturday. "
The Global oil companies outlasted the last round of communism and they will outlast this group of idiots. In ten years all we have to do is show the Venezuelans how bad off they are and they will drag that jerk out into the street and cap him.
Ping
Biggest story of the day and not one major media outlet is reporting it!
" Hopefully someone down there will have an epiphany and off him at a dinner party with a cheese knife."
Pat Robertson, is that you?
I thought I saw a mention on the CNBC close-caption at work.
If it's not getting too much attention, perhaps thats because this is nothing compared to the last time Chavez did this...
We'll all have a really good laugh that day...
whiskey for my men, beer for my horses...
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