VOL. XXXVIII

NO.41

10-JULY-1995

OPEC

Venezuelan Congress Approves Opening Upstream Sector To Foreign Firms On AProduction-Sharing Basis

Meeting in a joint session on 4 July, the Venezuelan Congress voted to openthe country's upstream sector to foreign companies on a production-sharingbasis. The "model agreements" approved by the Congress will allowstate-owned Petroleos de Venezuela (PDVSA) to call for international tenders forthe exploration of 10 blocks under risk contracts, with PDVSA holding up...