Venezuela Oil Auction Still on Amid Devaluation - Official


Orinoco Belt Regions
(Click to Enlarge)

CARACAS (Dow Jones), Jan. 11, 2010

Venezuela's plan to hold a drilling auction for several blocks of heavy and extra-heavy crude in the Orinoco region remains in place despite the government's Friday night announcement that it devalued the currency, an official said.

"The auction is moving forward, it's still on," an official at state-run petroleum company Petroleos de Venezuela, who asked not to be named, said Monday.

The official would not confirm whether the planned timetable for holding the so-called Carabobo auction would remain the same, or may be pushed back. The auction was planned for later this month or early in February.

More details could be available later in the day, the official said.

Venezuela on Friday night devalued its currency by half, setting a new fixed rate of 4.3 bolivars for $1, from the previous VEF2.15 for $1. It also set up a secondary official rate of VEF2.6 for $1, which would be used for authorized purchases of imports of essentials such as basic foods and medicine.

Among the companies that have shown interest in presenting a bid in the Carabobo oil auction are U.S.-based Chevron Corp., the UK's BP PLC, France's Total S.A., Norway's Statoil ASA and Chinese state oil firm CNPC.

The auction is considered the most important drilling project in oil-rich Venezuela in more than a decade and the blocks up for bidding could produce a total of 1.2 million barrels a day.

Copyright (c) 2010 Dow Jones & Company, Inc.

Related Companies
 Company: BP plcmore info


 - BP Sees Early Promise, Growing Investment In Mexico Energy (May 17)
 - BP Accuses Former Oil Analyst Of Stealing Trade Secrets (May 12)
 - Exxon, Petrobras Said to Hold Talks on Wide-Ranging Partnership (May 9)
 Company: Statoilmore info


 - Norway's Statoil Plays Down Risks Ahead Of Arctic Drilling (Apr 24)
 - Statoil Confident Brazil Deal To Go Ahead Despite Suspension (Apr 18)
 - Statoil Exec: Effective Leaders Should Empower People and Machines (Mar 24)
 Company: Total S.A.more info
 - ExxonMobil, Total Discuss Offshore Drilling Opportunities In Greece (May 19)
 - Total Expands Oil Search Offshore West Africa With Mauritanian Deal (May 12)
 - Exxon, Petrobras Said to Hold Talks on Wide-Ranging Partnership (May 9)
 Company: Chevron Corporationmore info
 - South Korean Coal Plant Closures May Lift LNG Demand (May 19)
 - Chevron's $54 Billion LNG Plant Hits New Snag in Australia (May 16)
 - Chevron Shuts First Gorgon LNG Export Plant Unit for Around a Month (May 15)
 Company: PDVSAmore info


 - Fuel Shortage Again Hits Oil-rich Venezuela Amid Refinery Woes (May 17)
 - PetroVietnam Says Venezuela Oil Project Still Stalled, Hopes To Reactivate (May 3)
 - PDVSA Notes Rally After Oil Company's $2.2 Billion Payment (Apr 12)
 Company: CNPCmore info
 - China to Complete Russia Pipeline Sections by End-2018 -Official (May 16)
 - China, Saudis Said to Discuss CIC, CNPC Stake in Aramco IPO (Mar 16)
 - Abu Dhabi Awards China's CEFC 4% Of Oil Concession For $900MM (Feb 20)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
EH&S Compliance Coordinator
Expertise: Environmental Engineer|Regulatory Compliance
Location: Houston
 
Logistics Analyst I (Road) - Direct Hire
Expertise: Logistics Management
Location: Houston, TX
 
Logistics Analyst II (Road) - Direct Hire
Expertise: Logistics Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours