• Venezuela is handing over oil fields to private companies for the first time since the 1990s

    3 days ago - By Business Insider

    REUTERS/Carlos Garcia Rawlins
    Venezuela has agreed to hand over at least seven oil fields to private companies to boost oil output, Reuters reported .
    Similar plans were last used in the 1990s before the Chavez era that made PDVSA the one and only operator of oil fields.
    Most companies, Reuters says, are oilfield service providers, which means they don't necessarily have oil production experience.
    Caracas is preparing the return of oil contracts with private companies that were last used in the 1990s before the Chavez era that made PDVSA the one and only operator of oil fields. Reuters...
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