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A sticky proposition
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Venezuela has heavy oil in the Orinoco basin, and 7 blocks there are up for bidding which could generate 1 million barrels aday of synthetic oil. The terms are that Petroleos de Venezuela would get 60% share ad operational control but not put up any money. In addition the government will take a 33% royalty and a windfall tax. State owned oil companies in China, India and Russia, Perobras, BP, Chevron, Shell and Total have expressed interest. Political risk is taken into account but some countries are on friendly terms with Venezuela. Main concern is the recession and fall in price of oil.
Venezuela- Petroleos de Venezuela (PDVSA) and the oil industry
08/01/2006
State-owned Venezuelan oil company PDVSA, that like Pemex in Mexico is facing declining production even as it commits resources to social goals.
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