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Venezuela Buys Eni's Heavy Crude Project

Venezuela agreed on Tuesday to pay Italain energy major ENI SpA $700 million in cash for the takeover of an oil field

Venezuela agreed on Tuesday to pay Italain energy major ENI SpA $700 million in cash for the takeover of Dacion heavy crude project but hardened its stance in a compensation battle with Exxon Mobil Corp over another nationalization.

Oil Minister Rafael Ramirez said: “The book value of the investments made by the transnational company in the Dacion field are $700 million and we have agreed to pay it over seven years."