"President Chávez has dealt a major blow to oil companies in Venezuela by deciding to take a greater share of the profits from oil production." So says a recent outlook from Wood Mackenzie (www..
"President Chávez has dealt a major blow to oil companies in Venezuela by deciding to take a greater share of the profits from oil production." So says a recent outlook from Wood Mackenzie (www.woodmacresearch.com). A 50% rate of corporate income tax now applies to all oil projects, compared with the 34% that they have been paying.
"The move (if ratified) reduces the value of the portfolios of foreign/ private companies operating in Venezuela by over $4.3 billion," according to Wood Mackenzie.
Companies with the highest exposure in Venezuela are ConocoPhillips and Total; they could each see over 20% wiped off the value of their upstream Venezuelan portfolios –
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