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ISSUES....
Inside, confidential and off the record
Greatest oil deal in earth
Last night oil rights awards in Venezuela's Carabobo project in the Orinoco extra heavy oil belt to consortiums led by U.S. Chevron with Japanese partners INPEX Corporation, Mitsubishi Corporation and Venezuela's Suelopetrol and Spain's Repsol partnered with India Oil and Natural Gas Corporation, Petronas, Oil India Limited (3.5%) and Indian Oil Corporation Limited is a big success for Chavez government. It seems that these foreign oil companies are willing to risk big money in Chavez led Venezuela's government, despite of all the political and social risks the media report everyday. We are talking here of 15 to 20 billions dollars of investment in six years time frame. Two issues are without any doubt the front runners on the oil companies decision to bid for this project, the vast proven reserves and the long run of the project, plus the cost involve. All they see is a long run investment that will pay up handsomely at only $7.00 per barrel its production cost, no way they can see other than cash register ringing. Too bad for the others oil co's in principle interested, Total, Statoil, Shell, BP, CNOOC, they did not make it to the end, to many blanks they said. But , there is still chance if you are willing to review the project in light of the winners justification for it, one block of the Carabobo project is still for grabs. So there is a last opportunity. Who will make a move for it ? A consortium with Total as the leader partnering with China's CNOOC, Statoil and BP ?, Or a Russian consortium. Let's way and see.....
ISSUES.... 02/11/2010
ISSUES.... Inside, confidential and off the record
Is an independent journalist effort from Petroleumworld, on Inside, Confidential and Off The Record Information, its views are not necessarily those of Petroleumworld
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