U.S.-based Chevron and Spain’s Repsol led groups that will tap into the OPEC member’s 100-plus billion barrels of reserves. Oil giants are eager to replenish waning crude reserves that are increasingly under control of producer nations. Caracas even softened some of its fiscal terms. Falling oil prices have forced Venezuela and other producer nations to seek partnerships from companies they marginalized during a five-year commodities boom.
“This international investment is absolutely necessary for us, we could not develop the Orinoco Belt alone,” Chavez told oil company officials during a ceremony in the Miraflores presidential palace.
“This is mutually beneficial. You are here because you need to be here. These are relationships of equals, of friendship.”
The Carabobo oil tender includes three projects slated to produce 1.2 million barrels per day following years of slumping oil production in the OPEC nation. The new facilities may not do much to increase the country’s total exports due to declining output at older fields.
Repsol will take 11 percent in its project, the same stake as consortium partners Petronas of Malaysia and ONCC of India. PDVSA will take 60 percent, with two other Indian companies taking the remainder, a Repsol official said.
Chevron will lead a second project along with consortium partners that include Japan’s Jogmec, Mitsubishi, and Inpex, plus Venezuela’s Suelopetrol.
