April 20, 2005
Harvest happy to comply with Venezuelan hydrocarbons law
(Schlumberger - slb.com ) - "Harvest Natural Resources Inc. (HNR) is willing to convert an operating agreement in Venezuela into a joint-venture arrangement controlled by national oil company Petróleos de Venezuela S.A., President and Chief Executive Peter Hill said (.) 'We're very happy to work within the Organic Hydrocarbon Law,' Hill said. 'We think it makes sense.'
The new terms for Harvest's South Monagas agreement must be fair to both parties, Hill said. Harvest, which has been negotiating a dispute with PDVSA over the terms of its contract since December, will continue to obtain significant revenue from its Venezuelan operations after the change, he said. 'We think we can secure opportunity there as long as we understand what is going on,' he said. (.)".
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