President Marcos Perez Jimenez last week made the announcement that everyone interested in the Venezuelan oil industry had awaited for ten years. The government, said he, has decided "to open the doors to offers" for new concessions to oil lands, the first since 1945. As to the terms, said Perez Jimenez, whoever offers the most in royalties and "advantages" to Venezuela will get the concessions. That meant, in plain words, that Venezuela wants to break through the familiar 50-50 formulathe worldwide pattern set in Venezuela a decade ago, of splitting profits equally between the oil companies and the government....
VENEZUELA: New Deal in Oil
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