By DANIEL CANCEL Bloomberg News
May 12, 2010, 10:30PM
State-owned oil company PDVSA has signed final contracts worth at least $30 billion to develop crude reserves in the Carabobo blocks of Venezuela's Orinoco Belt with groups led by U.S.-based Chevron Corp. and Spain's Repsol.
PDVSA will hold a 60 percent stake in the joint ventures and oversee the production of as many as 880,000 barrels of oil a day in the two blocks, Rafael Ramirez, Venezuela's oil minister, said Wednesday. The partners also plan to construct upgraders that convert heavy tarlike crude into lighter oil for export, Ramirez said.
The Carabobo projects, along with similar ventures with Eni, China National Petroleum Corp. and a group of Russian companies in the neighboring Junin field, are central to Venezuela's plans to boost waning oil output by 2.9 million barrels a day by 2017. The foreign companies get the opportunity to stake a claim in one of the world's biggest oil deposits.
The Carabobo projects, along with similar ventures with Eni, China National Petroleum Corp. and a group of Russian companies in the neighboring Junin field, are central to Venezuela's plans to boost waning oil output by 2.9 million barrels a day by 2017. The foreign companies get the opportunity to stake a claim in one of the world's biggest oil deposits.
Ramirez said Venezuela's oil production will rise to nearly 4.2 million barrels a day in 2015 and to nearly 6.9 million barrels a day in 2021.
Chevron, Mitsubishi Corp., Inpex Corp. and Suelopetrol will take a combined 40 percent stake in the Carabobo 3 area. Output is to start in 2013 and increase to 400,000 barrels a day in 2016.
The companies are required to pay a signing bonus of $500 million to access the reserves and provide a $1 billion loan to PDVSA to begin operations.
Source: http://www.chron.com/disp/story.mpl/business/7002729.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houstonchronicle%2Fbusiness+%28chron.com+-+Business%29
May 12, 2010, 10:30PM
State-owned oil company PDVSA has signed final contracts worth at least $30 billion to develop crude reserves in the Carabobo blocks of Venezuela's Orinoco Belt with groups led by U.S.-based Chevron Corp. and Spain's Repsol.
PDVSA will hold a 60 percent stake in the joint ventures and oversee the production of as many as 880,000 barrels of oil a day in the two blocks, Rafael Ramirez, Venezuela's oil minister, said Wednesday. The partners also plan to construct upgraders that convert heavy tarlike crude into lighter oil for export, Ramirez said.
The Carabobo projects, along with similar ventures with Eni, China National Petroleum Corp. and a group of Russian companies in the neighboring Junin field, are central to Venezuela's plans to boost waning oil output by 2.9 million barrels a day by 2017. The foreign companies get the opportunity to stake a claim in one of the world's biggest oil deposits.
The Carabobo projects, along with similar ventures with Eni, China National Petroleum Corp. and a group of Russian companies in the neighboring Junin field, are central to Venezuela's plans to boost waning oil output by 2.9 million barrels a day by 2017. The foreign companies get the opportunity to stake a claim in one of the world's biggest oil deposits.
Ramirez said Venezuela's oil production will rise to nearly 4.2 million barrels a day in 2015 and to nearly 6.9 million barrels a day in 2021.
Chevron, Mitsubishi Corp., Inpex Corp. and Suelopetrol will take a combined 40 percent stake in the Carabobo 3 area. Output is to start in 2013 and increase to 400,000 barrels a day in 2016.
The companies are required to pay a signing bonus of $500 million to access the reserves and provide a $1 billion loan to PDVSA to begin operations.
Source: http://www.chron.com/disp/story.mpl/business/7002729.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houstonchronicle%2Fbusiness+%28chron.com+-+Business%29
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