This is so hilarious I can't stop laughing. The state-owned oil company of Venezuela, after having seized the operations of foreign-owned companies, now is seeking help from them!
CARACAS, Dec 22 (Reuters) - Venezuela aims to more than triple output from its Orinoco heavy crude reserve in five years and will start looking for companies that can help achieve that goal from January, the national oil company said on Saturday.
State-owned oil company PDVSA said it would develop new projects to produce 2 million barrels per day from the Orinoco region within five years.
Recently nationalized projects in the Orinoco now produce a little more than 600,000 barrels a day, PDVSA said.
"Given the success obtained in the Orinoco oil belt, a process of selection will start in January to select partner companies with minority participation in integrated improvement and production developments," PDVSA said in a statement.
Venezuela's left-wing government took over several Orinoco oil projects earlier this year, forcing companies like Chevron and BP to accept minority holdings under new terms.
Exxon Mobil and ConocoPhillips quit the OPEC nation over the takeovers.
One of the things about the left that has long left an impression on me is how readily they assume that everyone they deal with is completely stupid and will fall for anything. Does Thugo think that oil industry executives are complete dimwits? They have to earn a profit, or else they lose their jobs. They're not going to do business with the government of Venezuela if they think they will get screwed again.
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