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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (92)	4/6/1999 3:21:00 PM
From: Night Writer	Read Replies (1) \| Respond to of 123

Venezuelan labor strife costs oil ventures $8.5mln CARACAS, April 6 (Reuters) - Labor disputes in eastern Venezuela have cost two big Orinoco oil ventures $8.5 million so far this year, company officials said Tuesday. Unemployed groups hindering access to construction sites and strikes by laborers have cost Petrozuata, a $3 billion oil venture led by U.S. Dupont <DD.N> subsidiary Conoco <COC.N>, about $6.5 million, company president Maria Lizardo told a congressional meeting of the Energy and Mines Committee. Cerro Negro, a $2 billion venture between Mobil <MOB.N>, Veba <VEBG.F> and state oil company Petroleos de Venezuela, has lost about $2 million because of the unrest, said project manager Leon Miura. Both managers said the delays caused by the disturbances should not affect current targets for production. A rising wave of unrest in eastern Venezuela has been sparked by a collapse in the power of the oil unions, which in turn generated a battle over who controls the lucrative jobs in the sector. The collapse of union power coincided with the election President Hugo Chavez, who denounced unions for corruption. Cerro Negro's problems are compounded by a dispute between residents of two eastern states over how the jobs are shared between them. Lizardo said Petrozuata currently employs about 4,000 people, rising to 5,000 by the end of the year, mostly in construction of a massive refinery to process its heavy oil production. Employment will fall dramatically to just 560 jobs after the plant is completed in August 2000, she added. ((-- Tom Ashby, Caracas newsroom 582 505 2611, fax 582 861 3621, caracas.newsroom@reuters.com)) REUTERS