Venezuela to award first major oilfield deals under Chavez
JAT
* Venezuela to award blocks in vast Orinoco oil belt
* Chevron, Repsol said to lead bidding
* Biggest oil investment opportunity under Chavez
* Comes less than three years after nationalization wave
By Brian Ellsworth and Marianna Parraga
CARACAS, Feb 10 (Reuters) - Venezuela was to award the largest oil
investment of President Hugo Chavez's 11-year rule on Wednesday, drawing
tens of billions of dollars of much-needed foreign finance to the
Orinoco Belt just three years after the leftist leader nationalized
operations there.
The contest to tap into the OPEC member's 100-plus billion barrels of
reserves looks set to be won by groups led by U.S.-based Chevron (CVX.N)
and Spain's Repsol (REP.MC), evidence that oil giants are eager to
replenish waning reserves that are often under control of producer nations.
Caracas even softened some of the fiscal terms in another sign of
dwindling resource nationalism around the world sparked by falling oil
prices that have forced producer nations to seek partnerships from
companies they marginalized during a five-year commodities boom.
The auction results were to be announced at 6 p.m. (1730 EST/2230 GMT)
at Miraflores presidential palace in Caracas.
"It's extremely hard not to see this as a success, especially given the
level of risk aversion and the complete lack of private investment in
the oil industry in more than a decade," said Patrick Esteruelas, an
analyst with Eurasia Group in New York.
Venezuela's Carabobo oil tender includes three projects slated to
produce 1.2 million barrels per day following years of slumping oil
production in the OPEC nation, though the new facilities may not do much
to increase the country's total exports due to declining output at older
fields.
The auction's winners will have a major opportunity to gain access the
Orinoco region, which the U.S. Geological Survey recently called one of
the world's largest crude reserves.
Venezuela itself holds the world's fifth-largest oil reserves at an
estimated 100 billion barrels, according to the BP Statistical Review,
though the Venezuelan government says it holds at least 177 billion
barrels that could yet be produced.
In some cases companies could receive a massive boost in their booked
reserves, a key indicator of an oil firm's capacity to continue making
money down the road.
PROJECT RISKS
But companies face a host of risks including a major financing burden, a
massive infrastructure buildout in isolated areas that in some cases
have no roads, and the liability that Chavez could launch another wave
of state takeovers.
The leftist leader in 2007 took over operations of four Orinoco projects
run by private oil companies, leading U.S. giants Exxon Mobil (XOM.N)
and ConocoPhillips (COP.N) to leave the country and sue for
compensation.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Timeline of
oil industry events under Chavez [ID:nN09244390]. Factbox on Carabobo
projects, terms of the bid [ID:nN09248426] Graphics link.reuters.com/dud68h
link.reuters.com/cud68h
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Industry sources say Chevron and Repsol put in bids in rival consortia.
Repsol's bidding group also includes India's ONGC (ONGC.BO) and
Malaysia's Petronas (PETR.KL).
The sources added the government did not receive bids from several
companies Chavez has openly courted. They include China's CNPC; Russian
firms such as Lukoil (LKOH.MM) and Gazprom (GAZP.MM); and Shell
(RDSa.L), which has proprietary technology for heavy oil production.
This is likely due in part to Venezuela running a parallel process of
direct adjudication for blocks in the Junin area of the Orinoco belt
that boasts solid reserves but is considered a less attractive
production area.
SEPARATE ORINOCO OFFERING
Venezuela offered Junin blocks to Italy's Eni (ENI.MI), China's CNPC and
a consortium of Russian companies including Lukoil -- possibly
explaining why these companies did not put in offers for Carabobo fields.
Eni and a consortium of Russian companies in recent weeks each agreed to
invest close to $20 billion dollars to develop projects in the Junin area.
In the Carabobo auction, Venezuela had to ease its hefty tax burden,
which steadily increased during the oil boom years, to convince
companies to overlook the risks and put up billions of dollars.
The projects will have production capacity of 400,000 bpd each and will
begin output in 2012 or 2013 producing tar-like Orinoco oil and mixing
it with lighter oil to create a medium grade similar to Mexico's Maya crude.
By 2016, the companies will build multibillion-dollar upgraders that
will turn the oil into light synthetic crude that fetches higher prices
on international markets. (Editing by Jonathan Leff and Marguerita Choy)
http://www.reuters.com/article/idUSN0924845520100210
--
/jat
Knowledge shall make you free
El conocimiento te har� libre
--
TORREBLANCA®
> Venezuela to award first major oilfield deals under Chavez
> * Venezuela to award blocks in vast Orinoco oil belt
Habrá alguna forma de que ustede los esbirros voceros del chavismo,
asalariados del mimso y principales promotores de ese desastre en los
foros y sabe Dios donde más, publique noticias concretas, acciones
firmes y efectivas, noticias reales de beneficios directos al
pueblo ? TODAS las noticias que ustedes publican son etéreas,
pendejadas y estupideces que solo al emperador benefician, porque
dígame alguien en qué beneficia al pubelo, en qué por lo menos lo ha
beneficiado el que premien o no premien al emperador o que si los
campos petroleros, etc etc etc qué mierda es esa ? cómo ha ayudado
eso a los precios de los comestibles, a disminuir la delincuencia, a
mejorar el servicio de salud, de la economia, de la generacion de la
luz, del agua potable.... ustedes siempre publcian pendejadas y
estupideces.
Así publicó usted ayer de lo buen que ha sido la devaluación y el
impacto positivo y blah blah blah y hoy dicen los organismos
internacionales según les publico que el dólar sigue subiendo en el
país pese a la devaluación, porque ustdees viven diciendo mentiras y
tratando de embaucar al mundo y por eso me hinchan los cojones y los
pruebo mentiros y tergiversadores pagados por el chavismo rancio, ateo
y disociador.
ljsprojects
Torreblanca tiene razón, primero es Venezuela y olvídense de Chevron.
Inviertan en producir alimentos y productos derivados de la
refinación..
El petróleo no se va ir para ninguna parte. Que los gringos compren
petróleo donde se lo vendan, no es problema nuestro.
T.Schmidt
P.S. Vender petróleo a los USA es prolongar la angustiosa muerte del
capitalismo.
merengue
Y venderselo a otros paises capitalistas emergentes tambien. tendran
China, India, Brasil, Rusia sistema socialistas de produccion?
Al unico pais con ese sistema en aplicacion es Cuba y se lo tiene que
regalar ya que el attolladero economico despues de 50 anos de
comunismo es tan grande que ni siquiera pueden pagar.
JAT
> On Feb 10, 6:42 am, TORREBLANCA� <donquicove...@gmail.com> wrote:
>> On 10 feb, 09:12, JAT <jesus.a.tor...@gmail.com> wrote:
>>
>>> Venezuela to award first major oilfield deals under Chavez
>>> * Venezuela to award blocks in vast Orinoco oil belt
>> asalariados del mimso y principales promotores de ese desastre en los
>> firmes y efectivas, noticias reales de beneficios directos al
>> pendejadas y estupideces que solo al emperador benefician, porque
>> beneficiado el que premien o no premien al emperador o que si los
>> eso a los precios de los comestibles, a disminuir la delincuencia, a
>> mejorar el servicio de salud, de la economia, de la generacion de la
>> luz, del agua potable.... ustedes siempre publcian pendejadas y
>> estupideces.
>>
>> impacto positivo y blah blah blah y hoy dicen los organismos
>> pa�s pese a la devaluaci�n, porque ustdees viven diciendo mentiras y
>> tratando de embaucar al mundo y por eso me hinchan los cojones y los
>> pruebo mentiros y tergiversadores pagados por el chavismo rancio, ateo
>> y disociador.
>
> Inviertan en producir alimentos y productos derivados de la
> El petr�leo no se va ir para ninguna parte. Que los gringos compren
> petr�leo donde se lo vendan, no es problema nuestro.
>
> T.Schmidt
> P.S. Vender petr�leo a los USA es prolongar la angustiosa muerte del
> capitalismo.
Eso es cierto *la cultura rentista producto del petroleo deber�a ser
eliminada progresivamente* Venezuela tiene muy buenas tierras, f�rtiles
que podr�a levantar el pa�s en el campo agr�cola.