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Venezuela ‘06 Foreign Oil Investment Plunges; Exploration Up
Foreign oil investment in Venezuela fell 55% in 2006 compared with the year-ago period, indicating that firms halted spending amid contract uncertainty.
Figures included in President Hugo Chavez’s year-end message to Congress put foreign oil investment at 35 billion bolivars ($16.3 million) last year, down from VEB76 billion ($35 million) in 2005.
