Energy and Oil Minister Rafael Ramírez declared that bidding for the award of joint venture partners in developing of heavy crude oil reserves in one of four blocks in the Orinoco Basin had been delayed. For full story, click here
Venezuela’s state oil company announced that it is postponing the selection of foreign partners for seven areas of its Orinoco Oil Belt. For full story, click here
Any hope that the slump in global oil demand might nudge President Hugo Chávez government into relaxing his policy of insisting on majority state control or allowing international arbitration over potentially huge heavy oil reserves in the Orinoco Basin appear to be on hold at best. For full story, click here
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market News As most of you know by now, the barrel price for oil has dropped pr ecipitously in the wake of Gustav’s fairly uneventful passage through the Gulf of Mexico. The drop in prices has weighed down the energy-heavy TSX indexes, energy companies and [...]
Orinoco Oil Belt completed one year under government control. Venezuelan state oil company Petróleos de Venezuela (Pdvsa) reported: In addition, production in the extra-heavy oil area located north of the Orinoco River increased from an average of 626,000 bpd in 2007 to 800,000 bpd in July 2008. Click here for full story
Get our independent commentary on heavy oil trends and companies delivered to your inbox.
