21 Foreign Oil Cos to Bid for Orinoco Fields, Additional Blocks Offered

Orinoco Heavy Oil Belt
(Click to Enlarge)

CARACAS (Dow Jones Newswires), November 25, 2008

Venezuela will demand an additional output cut of 1 million barrels a day when the Organization of Petroleum Exporting Countries meets again later this month.

"We estimate that there needs to be an additional cut of 1 million barrels" a day, Oil Minister Rafael Ramirez said after casting his vote in Venezuela's elections for state governors and mayors on Sunday.

"At the Cairo meeting we also expect to discuss future measures," he added.

Representatives from the Andean country will attend the meeting of OPEC member nations in Cairo, Egypt. Ramirez said it isn't clear whether any output decisions will be made there but he insisted that "anything can happen."

Ramirez said that 21 companies have each paid $2 million to formally participate in the tender of four heavy oil blocks in the Orinoco basin.

The Andean country will offer an additional three oil fields as part of the tender to accommodate high demand for these areas.  

Copyright (c) 2008 Dow Jones & Company, Inc.


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