http://www.reuters.com/article/2012/11/08/us-venezuela-arbitrations-idUSBRE8A712620121108
Venezuela's oil minister Rafael Ramirez says that its arbitration with Exxon and ConocoPhillips over 2007 nationalizations of their claimed $40 billion projects in the rich heavy crude Orinoco Belt...will be resolved by late 2013.
In the past...Caracas has said it expects to pay no more than $2.5 billion.
Analysts say both oil giants' assets are valued at $7-$9 billion.
With 373 rigs in operation...Ramirez reports PDVSA's daily output is 3.0-3.1 million bpd...well short of a 3.5 mn target.
But PDVSA has ambitious plans to expand crude production in the Orinoco Belt with China and Russia...and also step-up nat gas output in the Mariscal Sucre field.
NEW!!! UPDATE: On TV and elsewhere...Chavez is pleading for new foreign investment.
'Come and invest! Don't believe the fairy tale that we're going to expropriate you.
It's totally false that I have a plan to expropriate everyone.
Don't be deceived by that tale of 'here comes the wolf.' Lies. I'm urging you to come and work.'
http://www.reuters.com/article/2012/11/09/us-venezuela-obama-idUSBRE8A80XJ20121109
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