TN PETRÓLEO

Venezuela`s oil and energy ministry (MEP) on Monday suspended the signing ceremony to announce the new JV structures in the Orinoco oil belt, MEP said in a statement.

State oil company PDVSA is requiring at least 60% ownership in the Orinoco JVs as part of Venezuela`s nationalization strategy. MEP was due to announce the approved JVs on Tuesday (Jun 26).

Multinationals Chevron (NYSE: CVX), Total (NYSE: TOT), Statoil (NYSE: STO) and BP (NYSE: BP) reportedly will sign agreements with the government.

But discussions with ConocoPhillips (NYSE: COP) and Exxon Mobil (NYSE: XOM) are near collapse, reported newspaper Panorama de Maracaibo.

The two companies had been hesitant to sign deals for the PDVSA-dominated JVs, but Reuters reported negations could stretch into the eleventh hour, which might account for the signing ceremony`s cancellation.

MEP said in the statement the ceremony would be rescheduled soon.

The four Orinoco projects are the following and together produce roughly 500,000b/d: Ameriven, Cerro Negro, Sincor and Petrozuata.