Venezuela's Carbobo heavy oil auction results expected Feb. 10

CARACAS
Petroleumworld.com, Jan 21, 2010

Last Monday was the registration deadline for companies to bid on Jan. 28, Venezuela's Orinoco belt Carabobo heavy oil blocks auction, results are expected on Feb. 10

"All the interested consortiums completed the registration, with one exception that was lacking a certain requirement," said the official, who asked not to be named. The official didn't provide details., Dow Jones reported .

A source familiar with the process said one of the Consortiums that registered includes Chevron, Mitsubishi and other Japanese firms, ONGC, Total, CNPC, Shell, and BP, among others.

The auction is compose of seven oil blocks with upgraders to process the extra heavy oil. With Carabobo, the government hopes to lift Venezuelan oil production by 1.2 million barrels a day by 2014.

Venezuela says it currently produces around 3 million barrels a day, though independent estimates dispute that, and calculate output of as low as 2.2 million barrels a day.

Total investments in the Carabobo project, is estimated in tens of billion dollars.

Winners would form a joint-venture partnership with state oil firm PDVSA. The bidding firms would get a 40% stake to PDVSA's 60% stake.

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Petroleumworld / Jan 201, 2010

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