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April 14, 2008 |
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PETROLEOS DE VENEZUELA: Discloses Strategy at London Congress Petroleos de Venezuela SA has disclosed its strategy on oil sovereignty and social responsibility at the World Congress of National Oil Companies in London, Prensa Latina reports. According to Luis Verma, PDVSA vice president for exploration and production, the national laws defended state-run oil prospect and production, while costs and risks can be shared in ventures, the report adds. The report states that Mr. Verma has discussed the regional energy integration and diversification under the rules of the Organization of Petroleum Exporting Countries. The discussion was involved with the definition of the role of national companies in world oil potential, including, reserves, production, human resources and technology. Companies National Iranian Oil Company, Abu Dhabi National Oil Company (United Arab Emirates, Sonangol (Angola), Qatar Petroleum (Qatar), Petrobras (Brazil), PEMEX (Mexico), Statoil, ChevronTexaco and Shell (US) and TOTAL (France) were present during the Congress. Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook is negative. |
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