Feb 12 (Reuters) - 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 link.reuters.com/vuk39h
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 million.
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 products.
* Eni paid $646 million bonus, total investments of $18.7 billion.
* Production of 450,000 bpd.
* Investments to exceed $10 billion.
* PDVSA received signing bonus of $1 billion.
* 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.
* 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.
* 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 block.
* 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 1.
Details on Carabobo projects at fajadelorinoco.com/index.html (Reporting by Brian Ellsworth and Marianna Parraga; Editing by David Gregorio)