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PDVSA delays Carabobo tender to July 28

Bnamericas Published: Wednesday, April 29, 2009
Venezuela's state oil company PDVSA announced further delays to its Carabobo tender for seven heavy oil blocks in the Orinoco belt. Bids are now due on July 28, and winners will be announced on August 14, PDVSA said in a statement. Offers were to have been due on April 16, but delays have been widely expected by the industry. Venezuela's oil and energy ministry launched the round last year. Besides creating JVs to operate the seven new blocks, the round also calls for the construction of several heavy crude upgraders with capacities around 200,000b/d. PDVSA said in December that 19 companies had purchased the US$2mn data package for the round. While PDVSA will require at least a 60% stake in any JVs formed from the tender process, the company is expected to ask JV partners to finance at least 30% of its share. PDVSA said it would announce details on the contract model in the coming days. A meeting recently took place for firms participating in the process, according to the statement. Companies in attendance included: BP (NYSE: BP); Chevron (NYSE: CVX); China's CNPC and Sinopec; Colombia's Ecopetrol (NYSE: EC); Italy's Eni (NYSE: ENI); Portugal's Galp; Japan's Inpex, Jogmec and Mitsubishi; India's ONGC, Brazil's Petrobras (NYSE: PBR); Malaysia's Petronas; Spain's Repsol (NYSE: REP); Royal Dutch Shell (NYSE: RDS-B); Norway's StatoilHydro (NYSE: STA); France's Total (NYSE: TOT); Venezuela's Suelopetrol; and a consortium of unnamed Russian oil firms.

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