VENEZUELA: International Partnership

Few U.S. citizens know much about Creole Petroleum Corp. Yet this U.S.-owned enterprise is the world's No. 2* oil producer. From 2,422 wells across Venezuela, Creole sucks up an average daily flow of 750,000 barrels of black crude, worth about $1,500,000. In the 30 years since it sank its first well, Creole has invested $767 million, and the investment has paid off handsomely. On recent annual grosses of around $500 million, Creole creamed off some $155 million in profits after taxes. Alone, it accounts for more than a third of the consolidated net income of its parent & owner,...

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