• Short Summary

    The Venezuelan Government has brought to an end its preparations to take over its oilfields from foreign companies on New Year's Day (1 January).

  • Description

    The Venezuelan Government has brought to an end its preparations to take over its oilfields from foreign companies on New Year's Day (1 January).

    Already the familiar names of Shell, Exxon and other companies which have been operating in the world's fifth biggest oil producing country for more than fifty years are disappearing from the streets. In their place appears the name Maraven, on billboards and petrol pumps. Billboards proclaiming "Venezuela faces its destiny on 1 January "are plastered along the nation's expressways.

    On 1 January, President Carlos Andres Perez will unfurl the national flag over the site of an oil well in Lake Maracaibo in western Venezuela, marking the nationalisation of the world's third biggest oil exporter.

    While most major oil exporting countries see their oil reserves relentlessly depleting, Venezuela expects to remain oil-rich for another two centuries. Venezuela now produces about 2,300,000 barrels a day, of which more than 1,800,000 barrels are exported, mainly to the United States.

    Although the Government has expressed confidence it can handle the complex industry which earned the country some 10,000 million US dollars (5,000 million pounds sterling) in 1975, nationalisation is still gamble. Opposition politicians and some private sources have expressed doubts about the action.

    The National Congress passed the Oil Nationalisation Bill last August offering the 21 foreign oil companies operating there and 17 satellite firms a total of more than 1,000 million dollars (500 million pounds sterling) in compensation which they have accepted.

    SYNOPSIS: Venezuela -- and in the capital, Caracas, people prepare for the nationalisation of oil on New Year's Day. The familiar signs of foreign oil companies -- some of which have been operating in the country for more than fifty years --- will disappear. In their place Maraven --- the name for the state-owned oil industry --- is appearing.

    Venezuela is the would's fifth biggest oil producer and the third biggest exporter. Most of its daily output of two million three hundred thousand barrels goes to the Unite States. The government complex task of running the industry.... but some opposition members are sceptical.

    The National Congress passed the Oil Nationalisation Bill last August. The 21 foreign oil companies and 17 satellite firms will receive compensation of more than one thousand million dollars. President Perez will officially proclaim nationalisation on New Year's Day in a special ceremony at Lake Maracaibo in western Venezuela.

  • Tags

  • Data

    Film ID:
    VLVAF1TWW6OLQ1ZBPPGE939NUB3FQ
    Media URN:
    VLVAF1TWW6OLQ1ZBPPGE939NUB3FQ
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    31/12/1975
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:07:00
    Time in/Out:
    /
    Canister:
    N/A

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