Feb 12 Venezuela has launched a massive plan to
develop the nation's vast Orinoco heavy crude oil belt,
considered one of the largest in the world, that is slated to
add 2.1 million barrels per day of new production.
The OPEC nation on Wednesday awarded stakes to private
companies in two oil projects in the Carabobo area of the
Orinoco belt. It has also granted four projects to partners in
the Junin area.
The projects operated by state oil company PDVSA are mostly
set to begin producing tar-like Orinoco oil by 2013, with total
investment of $80 billion. Upgraders to turn that crude into
lighter synthetic oil will be ready several years later.
Venezuela will receive a combined total of almost $6
billion in bonuses and financing from the partner companies.
For a graphic of the Carabobo projects please click on
JUNIN BLOCK 2: PDVSA 60 pct, Petrovietnam 40 pct.
* 200,000 barrels per day heavy oil output by 2011,
includes a heavy crude upgrader with unspecified start date.
* Petrovietnam paid a bonus of between $500 million and 600
JUNIN BLOCK 4: PDVSA 60 pct, China's CNPC 40 pct.
* 400,000 bpd production capacity.
* No start date, investment or bonus details available.
JUNIN BLOCK 5: PDVSA 60 pct, Italy's Eni (ENI.MI) 40 pct.
* 240,000 bpd capacity, 75,000 bpd early output in 2013.
* Includes refinery that will produce finished oil
* Eni paid $646 million bonus, total investments of $18.7
JUNIN BLOCK 6: PDVSA 60 pct, remainder distributed among
Russian firms Rosneft (ROSN.MM), Gazprom (GAZP.MM), Lukoil
(LKOH.MM), TNK-BP TNBPI.RTS and Surgutneftegaz (SNGS.MM)
* Production of 450,000 bpd.
* Investments to exceed $10 billion.
* PDVSA received signing bonus of $1 billion.
CARABOBO PROJECT 1
* PDVSA 60 pct, Spain's Repsol (REP.MC) 11 pct, Malaysia's
Petronas [PETR.UL] 11 pct, India's ONGC (ONGC.BO) 11 pct,
Indian Oil Corporation 3.5 pct, Oil India Limited (OILI.BO)
* Includes Carabobo Block 1 North and Block 1 Central.
* Companies paid $1.05 billion bonus.
* 400,000 bpd output by 2013, upgrader ready by 2017.
CARABOBO PROJECT 3
* PDVSA 60 pct, U.S. Chevron (CVX.N) 34 pct, Venezuela's
Suelopetrol 1 pct, Japan's Mitsubishi and Inpex (1605.T) split
remaining 5 pct.
* Includes Carabobo Block 2 South, Block 3, Block 5.
* To produce 400,000 bpd by 2013, upgrader online by 2017.
* Companies paid minimum bonus of $500 million, offered $1
billion in financing for PDVSA.
BLOCKS WITHOUT PARTNERS
* JUNIN 1: PDVSA is still in discussions with Belarus'
state oil company for the 200,000 bpd block.
* JUNIN 10: PDVSA rejected offer by Norway's Statoil
(STL.OL) and France's Total (TOTF.PA) for the 200,000 bpd
* JUNIN 11: PDVSA is still in discussions with a Japanese
consortium for the 200,000 bpd block.
* CARABOBO PROJECT 2: PDVSA did not receive bids in
Carabobo auction. Conditions are similar to Carabobo Project
Details on Carabobo projects at
(Reporting by Brian Ellsworth and Marianna Parraga; Editing by