PDVSA Buys Out ConocoPhillips in Deltana Venezuela Gas Stake - Latin American Herald Tribune

By Jeremy Morgan Latin American Herald Tribune staff CARACAS – The state oil corporation, Petróleos de Venezuela (PDVSA), announced that it had purchased ConocoPhillips’ exploration and production rights to natural gas reserves in the Deltana Platform, a huge offshore hydrocarbons reservoir in waters east of the Rio Orinoco estuary.

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PDVSA didn’t disclose the value of the purchase, nor did the United States company disclose the amount. A ConocoPhillips spokesman did confirm the transaction with Bloomberg News. “We did sell it to PDVSA effective yesterday,” Charlie Rowton, a ConocoPhillips spokesman, reportedly told Bloomberg. The sale “is not related to nor does it have any impact on the expropriation of our assets in Venezuela in 2007 or the arbitration proceeding concerning that expropriation.” PDVSA said the move paved the way for it to take a 61 percent share in a proposed “mixed company” with Chevron, which is also based in the United States, to operate in the areas in which both had been partnered by ConocoPhillips.

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