Venezuela's oil ministry will keep its July 28 deadline for companies to shift their contracts with state-owned PDVSA to the country's new hydrocarbons regime, Reuters reported Friday, citing four sources familiar with the discussions.
The requirement affects two dozen domestic and international energy companies, including Spain's Repsol (REP.MC), Italy's Eni (ENI.MI) and US-based Chevron. The transition stems from energy legislation approved in January that allows greater operational independence for oil and gas companies while establishing a revised tax system.
Repsol, Eni, and Chevron did not immediately respond to requests for comment from.
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