![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Casino Guichard Perrachon | AQEU:COP | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.1095 | -3.01% | 3.5305 | 3.4985 | 3.568 | 3.5775 | 3.44 | 3.5775 | 1,865 | 16:28:29 |
Venezuela state oil firm Petroleos de Venezuela said Friday it has completed a previously announced plan to acquire ConocoPhillips' (COP) stake in a natural gas joint venture project with Chevron Corp. (CVX).
"The transfer of these rights allows for the creation of a joint venture firm for the production of natural gas, with PdVSA holding a 61% majority stake, and Chevron 39%," PdVSA said in a statement.
Charlie Rowton, a spokesman for ConocoPhillips, confirmed the sale of its stake to PdVSA, but said it wasn't disclosing any other terms of the deal.
The PdVSA-Chevron joint venture is for the Block 2 portion of the multi-block Deltana offshore project, located in a continental shelf extension of the Orinoco River delta along the country's eastern coast.
PdVSA officials said last year it planned to take over ConocoPhillips' stake and that the U.S. company would no longer be involved in these natural-gas ventures since it is now involved in arbitration proceedings with PdVSA.
Houston-based ConocoPhillips, the U.S.'s third-largest integrate energy company, filed for arbitration against Venezuela last year, seeking compensation for the state takeover of other assets in the Orinoco river basin.
In Friday's statement, PdVSA said it "only recognized audited real expenses realized during the exploratory phase," which it said has been the model used for compensations. PdVSA also didn't mention a dollar figure or any plan for compensation.
PdVSA said ConocoPhillips and Chevron had begun exploring the block in 2003 and said it found more than 7 trillion cubic feet of gas reserves.
The joint venture with Chevron is expected to produce 750 million cubic feet of gas a day, PdVSA added.
Venezuela has taken over many privately owned firms, foreign and local, as part of President Hugo Chavez's efforts to transform the country's economy into a "21st Century Socialism" model.
-By Dan Molinski, Dow Jones Newswires; 58-212-284-5651; dan.molinski@dowjones.com
1 Year Casino Guichard Perrachon Chart |
1 Month Casino Guichard Perrachon Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions