PDVSA Open to 'win-win' Private Investment

Venezuela's state oil company PDVSA "remains open to new investment [from the private sector] on the basis of a win-win perspective," said Felix Rodriguez, a PDVSA director, in a presentation Monday.

The recent awarding of exploration and production (E&P) contracts on the offshore Deltana platform, shows that Venezuela is an "attractive and reliable country in which to do business," Rodriguez said at the XII Annual Latin America Energy Conference in California, adding that about 55 companies from 18 countries currently participate in the country's oil industry.

Including the Orinoco belt, Venezuela has 313 billion barrels of crude reserves, of which 78 billion barrels are of conventional crude, and the remaining 235 billion barrels of extra-heavy Orinoco crude. "We are the sixth in the world in terms of proven reserves, which represents 45% of total crude reserves in the Americas and 57% of Latin America's crude reserves," Rodriguez said, quoted in a PDVSA statement. At present-day consumption rates, the country's conventional reserves will last for 70 years, and including the heavy crude of the Orinoco belt, the reserves will last for 285 years, Rodriguez said.

The company is focusing investment on three areas, he continued. The first is to get the highest value possible from reserves in the Orinoco and traditional areas through state-of-the-art technology and the production of high quality crudes. Secondly, PDVSA is exploring areas adjacent to existing oil fields with its own resources, and exploring new areas in joint ventures with the private sector. And thirdly, the company is seeking a balance between its own operations and the private sector's in the exploration and production of natural gas.

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