Chevron Starts Joint Ventures with Venezuela

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Chevron Starts Joint Ventures with Venezuela

SAN RAMON, Calif. -- Chevron Corp. has signed two joint ventures with Venezuelan government to bring the oil pumping operations under the government's control.

These two contracts replace Chevron's previous arrangements that allowed it to independently pump its oil in Venezuela, the Contra Costa Times reported.

Chevron has a 39.2 percent stake in one field that pumps 115,000 barrels per day, as well as a 25.2 percent stake of another field that pumps 8,000 barrels per day.

Further details of the two contracts were not disclosed.

The new agreements are the result of Venezuela President Hugo Chavez's demand to gain greater control -- and in turn revenue -- from the country's oil operations. The Venezuelan government has already ordered 32 fields to be signed into country-controlled joint ventures this year. Last week, Royal Dutch Shell PLC finalized a similar venture.