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Dad who drowned sons gets death penalty
CARACAS, Venezuela, Feb. 9 (UPI) -- The Venezuelan government gave the go-ahead for the development of the Orinoco oil belt through a joint venture between Russia and a state oil company.
A subsidiary of Gazprom in Latin America takes a 40 percent stake in a program with a division of Venezuela's state-owned Petroleos de Venezuela, known by its initials PDVSA.
The venture will work on 21,236 square miles in the Orinoco oil belt, Venezuelan newspaper El Universal reports.
Russian state-run oil company Rosneft last year signed a memorandum of understanding to help develop Orinoco, one of the biggest oil fields off Venezuela's coast.
The Venezuelan government in 2007 ordered international oil companies to transform production agreements into ones that made them minority shareholders with PDVSA in the Orinoco belt. The government is locked in a court battle with Exxon Mobil over that decision.
Venezuela has some of the largest deposits of crude oil. The Orinoco belt is considered one of the biggest reserve fields outside of the Middle East and Venezuela.
Moscow in 2010 paid more than half of the $1 billion for work in the Junin-6 block in the oil belt.
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ALGIERS, Algeria, May 24 (UPI) --
Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
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ARLINGTON, Va., May 24 (UPI) --
BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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