PDVSA To Select Partners For Developing Carabobo Area In Venezuela

Published: 28-Apr-2009

By: Staff Writer Staff Writer Staff Writer

Petroleos de Venezuela S.A. (PDVSA), under the process of selecting partners to develop the Carabobo area of the Orinoco oil belt, met with representatives of the 19 participating companies, to discuss the next steps in the process. In the next few days, PDVSA is expected to issue the basis of selection and model contracts (revised) for joint ventures.

On July 28, 2009 will the submission and opening of tenders, and August 14, 2009 will be announced the winners of the selection process for partners to develop the Carabobo area of the Orinoco oil belt, as set out in the schedule of activities.

During the meeting they discussed issues related to the upstream crude oil production, improvement, legal and regulatory framework, development plans and trade, as well as mechanisms of valuation used by the ministry of people's power for energy and petroleum to evaluation of bids submitted to the participating companies.

Companies which attended the meeting: BP Plc, Chevron Global Technology Services Co., China National Petroleum Corporation (CNPC), Ecopetrol S.A, Eni Venezuela BV, Galp Energia SGPS SA, INPEX Corporation, Japan Oil Gas Metals National Corporation (Jogmec), Mitsubishi Corporation, ONGC Videsh Limited; Petrobras Participaciones SL (PPSL), Venezuela PC Ltd. a subsidiary of Petronas of Malaysia, Repsol YPF, S.A, Shell Venezuela, SA, Sinopec International Petroleum Exploration and Production Corporation (SIPC); StatoilHydro ASA; Suelopetrol, Total S.A and the Russian consortium of Russia.

What we have in the West is not bitumen, oil is to show initiative and the Magna Reserve project, through which we have 172 thousand 323 million barrels of oil on the books of the country and we will reach the year 2010 with 316 one billion barrels of oil that we believe, the Minister of People's Power for Energy and Petroleum and president of PDVSA, Rafael Ramirez said.

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