Reliance Industries Ltd. has dipped out of the grand alliance with Oil and Natural Gas Corporation and Indian Oil Corporation for jointly bidding for a $16-18 billion oilfield in Venezuela. For full story, click here
Oil executives around the world perked up when Venezuela announced more than a year ago that it would open the door to some of the world’s leading hydrocarbon reserves with its first tender in a over a decade. For full story, click here
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
The latest Venezuela Oil & Gas Report forecasts that the country will account for 8.27% of Latin America regional oil demand by 2013, while providing 26.90% of supply. For full story, click here
Total SA of France and state oil company China National Petroleum Corp. now plan to bid for two large oil blocks being auctioned in Venezuela, instead of one in which they had previously shown interest, two people involved in the bidding round said. For full story, click here
Venezuela will demand that oil companies pay an high premium of between $500 million and $1 billion to participate in the development of the Carabobo oil block in the OPEC nation’s giant Orinoco heavy crude belt. For full story, click here
The price of Venezuela’s basket of medium grade and heavy crude oils continued to climb back, closing Friday at $56.10 a barrel for a surge of $2.95 on a week before, bringing the average price this year so far to $43.41. For full story, click here
The Venezuelan Petroleum Corporation declared that it has received a permission to set up a joint venture with the PetroVietnam Exploration and Production Corporation to explore and exploit oil in the Orinoco belt. For full story, click here
Venezuela’s oil output is already below 1997 levels, but could dip significantly lower as the country’s president, Hugo Chavez, has alienated oil service companies by refusing to pay their fees, and in some cases, seizing their assets. 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
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