Reply #3: Venezuela's Oil Giant: Investors Undeterred by Friction with U.S. [View All]

[Judi Lynn]

Venezuela's Oil Giant: Investors Undeterred by Friction with U.S.
EFE News Services Tuesday, March 23, 2004


Foreign firms will continue to invest in Venezuela's energy sector despite the current strains between Caracas and Washington, the chairman of state-owned oil giant PDVSA said Monday.

"Investors know we have the largest reserves in the Western Hemisphere and that we are very close to the world's leading energy market, which is the United States, and that's why there's strong interest by industry firms in being in Venezuela," Ali Rodriguez told reporters.

The PDVSA chief said domestic opponents of Venezuelan President Hugo Chavez have mounted an international campaign to make things difficult for oil multinationals investing in Venezuela.

Rodriguez said the campaign is bound to fail, noting that on Feb. 19 U.S. giant ChevronTexaco received approval to drill for natural gas in the Deltana platform off Venezuela's eastern coast.
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http://www.rigzone.com/news/article.asp?a_id=11743