PetroChina, Total jointly bid for Venezuelan heavy oilfield

07:36, March 26, 2010      

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According to a China Business News report Wednesday, there are three projects up for bids, and analysts believe the joint bid may go for "Carabobo 2". The speculation is based on the fact that "Carabobo 2" is the only one of the three yet to be awarded to successful bidders.

A researcher from Golden State Securities believes PetroChina has a good chance of winning the bid as China and Venezuela have cooperated on a number of projects. This includes Chinese investment in Venezuela's heavy crude oil reserves and a joint-venture refinery project in Guangdong Province.

The availability of heavy oil in the world is more than twice that of conventional light crude oil. About 50 percent of the world's heavy oil is concentrated in Venezuela. Carabobo is located in the country's largest heavy oil belt.

With the over exploitation of light crude oil and its high price of $80 per barrel, heavy oil has become a hot selling commodity, thus leading to the heated competition bidding for the Carabobo projects.

The Carabobo bid round, which was launched by October 2008, was focused on three projects covering seven blocks in the area. According to the Venezuelan government, two consortiums had secured Carabobo 1 and 3 in February.

Source: Global Times
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