Venezuela's PDVSA seizes Conoco's shares in gas venture

10/4/2009 | Houston Chronicle (tiered subscription model)

State-run Petroleos de Venezuela announced it has taken over ConocoPhillips' shares in a joint project with Chevron in the country. PDVSA will establish a partnership with Chevron to drill offshore reserves in Venezuela that are estimated to generate about 750 million cubic feet of gas daily. PDVSA will control a 61% stake, and Chevron will hold the rest.

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