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UNITED NATIONS (AP) - A top U.S. diplomat warned Friday that Venezuela cannot afford to drive away the major oil companies affected by President Hugo Chavez's decision to takeover the nation's most promising oil-producing operations.
Chavez decreed this week that his government would take a minimum 60 percent stake in projects run by four companies in Venezuela's Orinoco River region — his latest nationalization move as he steers the country toward socialism.
Industry experts have questioned whether state-owned Petroleos de Venezuela SA, or PDVSA, has the money and capacity to take on the complex, heavy-oil upgrading projects. They are run by British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Total SA and Statoil ASA.
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