Five Consortiums May Bid In Venezuela's Oil Tender - Report

Nov 6th, 2009 - CNNMoney

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CARACAS -(Dow Jones)- About five consortiums of oil companies are expected toplace bids in Venezuela's long-delayed heavy oil drilling tender scheduled forJanuary, according to media reports Friday.

BP PLC (BP) and Royal Dutch Shell PLC (RDSA) may each go it alone withindividual bids, said a report from El Mundo newspaper, which cited an unnamedsource familiar with the process.

In all, some 17 oil companies are seen as interested in the Carabobo project,which will auction off blocks in Venezuela's eastern Orinoco belt. Thegovernment has said the area open for bidding could produce a total of 1.2million barrels of crude a day, and will require investment of $30 billion.

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