Bloomberg reported that Chevron Corp. (NYSE:CVX) and its partners on the Carabobo 3 block in Venezuela’s Orinoco heavy oil belt may commence production in the third quarter of 2012.
The market news is quoted as saying:
Chevron, which has a 34 percent stake in the block, is holding talks with joint venture partners and expects to make a decision on how to develop the project in the next “couple of months,” Ali Moshiri, Chevron President for Africa and Latin America, said in an interview in Puerto La Cruz, Venezuela.
“We are in the phase of deciding which path we want to take, whether that’s full development or early production,” said Moshiri. “The financing will be the second phase. It depends on the size of the project that we want to move ahead.”