Shell Hoping for Offshore Gas E&P, Orinoco Participation

Orinoco Oil Belt
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Shell still has "hopes" of taking part in either the Mariscal Sucre offshore gas E&P project in Venezuela or the new blocks to be offered off the country's eastern coast as well as in a project to upgrade extra-heavy Orinoco crude, newspaper El Universal reported Shell Venezuela president Sean Rooney as saying.

Earlier this year Venezuela's state oil firm PDVSA said up to seven new offshore blocks could be offered in eastern Venezuela for gas E&P this year. No schedule has been announced yet for the concession process.

Shell has been busy transforming its operating agreement with PDVSA into a joint venture, Rooney said, "but having left that behind we can commence negotiations."

Last year Shell had contact with the government regarding Shell's desire to apply a technology it developed in Canada to an Orinoco heavy-crude project.

Shell's Urdaneta field, in oil Zulia state, is currently producing 43,000 barrels a day of medium crude, according to the report.

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