ConocoPhillips Given License

As part of an agreement ending a dispute on Venezuela’s Corocoro oil field project, state oil firm PDVSA will award ConocoPhillips a natural gas exploration license in the area. ConocoPhillips agreed to a 16.7% flat royalty in February, which is higher than the amount specified in its original agreement. Venezuela’s oil minister Rafael Ramirez has said that PDVSA will revise several agreements with foreign energy firms because their conditions are financially detrimental to PDVSA.