Total, CNPC To Bid For Two Oil Blocks In Venezuela
Total S.A and China National Petroleum Corporation are planning to submit bids for two large oil blocks in Carabobo region in Venezuela's Orinoco oil belt, the Wall Street Journal reported. These blocks are among the seven being auctioned by the government. The cost of developing just one of the two blocks China Petroleum & Chemical Corporation (Sinopec) is developing, along with construction of upgraded facilities to pump the sludge like oil from the block is expected to be $7 - $10 billion.
Reportedly the bids for the blocks must be submitted by July 28, 2009 and that the results are to be declared on August 14, 2009.
According to the rules, Petroleos de Venezuela S.A (PDVSA) will hold a minimum of 60% in each block. Bidders require paying the country an upfront bonus depending on expected future output, and explaining their oil distribution plan.
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