ConocoPhillips OK'd to start in Venezuela
ConocoPhillips and its partners have received government approval for their plan for the Corocoro field in Venezuela's Gulf of Paria West area, the Houston oil company said Thursday.
The total investment for the first phase of the field's development is estimated at $480 million over three years. The project is expected to achieve average oil production of 55,000 barrels a day about 2 1/2 years after development begins.