Venezuela Compensates BP, Total For Jusepin Field
BP and Total previously co-managed the Jusepin oil field on a fee-per-barrel basis. Total controlled about 55% of the operation, while BP controlled the rest.
In March 2006, after the two companies challenged new laws that would give the Venezuelan government extensive control over oil production, state-run energy company Petroleos de Venezuela seized the field.
The seizure was the first time...
To view the full article, register now.