Venezuela outlines penalties for Sincor JV

摘要

Venezuela plans to charge the Sincor heavy oil project a 30% royalty on all production in excess of 114,000 b/d as well as cut its operations area,Energy Minister Rafael Ramirez said May 25.The joint venture project led by France's Total is currently producing 210,000 b/d,almost double the volume stipulated in its original contract,Ramirez told lawmakers at the National Assembly in Caracas.