October 2003

International Politics

Politics plague Venezuelan E&P. Local businessmen accuse President Hugo Chávez of retaliating against companies and individuals at PDVSA who participated in last year’s strikes. Reportedly, PDVSA is denying new contracts to these firms and refusing to extend existing deals. PDVSA even denied its own gas compressor company, Energy Dynamics de Venezuela, contracts during August. Political uncertainty has not deterred investors from the gas sector. Local firm Vinncler and 12 multinationals have agreed to bid on developing Blocks 3 and 5 of the offshore Deltana Platform. The energy ministry will set each block’s base amount and then issue licenses to the highest bidders.

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