ConocoPhillips eager to drill in Venezuela

Jan 14, 2005 01:00 AM

Venezuela is going to negotiate with US oil giant ConocoPhillips and Italian oil and gas company ENI about a drilling-related contract dispute, Venezuela's energy minister Rafael Ramirez said.
He said, "I understand that, in particular, ConocoPhillips has sought a conversation with us, we will develop this, with ENI as well."

ConocoPhillips planned to start drilling 14 wells in eastern Venezuela's Corocoro oil field last December, but President Hugo Chavez's government put the plan on hold amid a dispute over the company's business plan. Now Conoco is interested in holding discussions with Venezuelan officials.
The Corocoro field -- discovered by ConocoPhillips in 1999 and declared open for commercial use in 2002 -- is a key component of Venezuela's production expansion plans and was expected to begin production in the second half of 2006.

Source: Neftegaz.RU
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