Venezuela To Finalize Carabobo Tender Bid Terms Next Week

Published: 27-Nov-2009

Venezuela's Oil Minister, Rafael Ramirez said that the country will finalize conditions for its Carabobo oil project tender in Orinoco heavy oil belt in the coming week, Reuters reported. The country had postponed presentation of the final terms of the project to potential bidders repeatedly. This project will involve seven areas, each of which may need around $10-$20 billion in investment.

Venezuela recently sweetened the terms of the tender by reducing the royalty rate and extending the timeline for production from the project.

BP Plc, Chevron Corporation, China National Petroleum Corporation, Total S.A, Eni S.p.A, Galp Energia SGPS S.A, as well as Russian and Japanese consortiums have expressed their interest in the Carabobo tender.