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Oil firms forming Venezuela Carabobo consortiums

Reuters -- CARACAS (Reuters) - Nineteen companies that have shown interest in the tender for Venezuela's Carabobo heavy crude blocks are jostling to form consortiums to present bids for the three areas on offer, industry sources said.

The Carabobo Project aims to build three upgraders to turn the Orinoco belt's tar-like crude into oil for exports and produce around 200,000 barrels per day, with the initial investment seen between $10 billion and $20 billion per area.

A number of possible partnerships are in the works, although none are finalized, company and government sources with knowledge of the process told Reuters in recent days.

A partnership between state-run China National Petroleum Corp and France's Total (TOTF.PA) is on the table along with another between CNPC and refiner Sinopec Corp

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Submitted Jul 04, 2009 By: liltruckman

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FISHERW All-Star Author Winnipeg Posts:516 Points:284,215 Joined:Apr 2009	Message Posted: Jul 4, 2009 2:16:32 PM Ignore FISHERW Report Abuse interesting
MikLamb Champion Author Texas Posts:3,068 Points:1,203,140 Joined:Jun 2006	Message Posted: Jul 4, 2009 2:15:51 PM Ignore MikLamb Report Abuse China and France deserve each other.
mysub Champion Author Las Vegas Posts:4,318 Points:1,366,440 Joined:Apr 2006	Message Posted: Jul 4, 2009 2:15:38 PM Ignore mysub Report Abuse Anyone that goes in on anything with Venezuela deserves what they get and it won't be anything in their favor when they deal with chavez
Gerg001 Champion Author San Bernardino Posts:2,407 Points:678,945 Joined:Feb 2006	Message Posted: Jul 4, 2009 2:14:35 PM Ignore Gerg001 Report Abuse Colusion!!!
balljars Champion Author Michigan Posts:3,653 Points:725,275 Joined:Aug 2008	Message Posted: Jul 4, 2009 2:11:41 PM Ignore balljars Report Abuse We will not get in on this bidding either.
BornToulouse Veteran Author Georgia Posts:411 Points:71,315 Joined:Jul 2009	Message Posted: Jul 4, 2009 2:11:17 PM Ignore BornToulouse Report Abuse All savvy consumers take note. These are events we cannot stop or influence. However, one can INVEST a portion of ones portfolio to at least share in some future profits these companies that are involved will make. Just sayin...hey, if ya can't fight 'em...join 'em.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 4, 2009 2:09:25 PM Ignore nojsts Report Abuse Drill here and use our oil.
AuburnTim Champion Author Indiana Posts:3,519 Points:822,415 Joined:May 2005	Message Posted: Jul 4, 2009 1:50:15 PM Ignore AuburnTim Report Abuse More Corruption
Tnerbeel Champion Author Houston Posts:3,757 Points:778,585 Joined:Mar 2007	Message Posted: Jul 4, 2009 1:46:34 PM Ignore Tnerbeel Report Abuse Any of these companies that invest in Venezuela need to be prepared to be burned by Chavez. You play with fire ..., you dance with the devil..., etc.
hockeydadOH Sophomore Author Cincinnati Posts:201 Points:69,810 Joined:Jun 2009	Message Posted: Jul 4, 2009 1:45:31 PM Ignore hockeydadOH Report Abuse I love outridin's comment Way too funny
day49 All-Star Author Washington Posts:932 Points:715,315 Joined:Apr 2007	Message Posted: Jul 4, 2009 1:45:09 PM Ignore day49 Report Abuse Wonder how soon before Venezuela nationalize the oil fields. We shouldn't have anything to do with that dictator.
dabuzman Champion Author Seattle Posts:3,829 Points:1,004,800 Joined:Apr 2006	Message Posted: Jul 4, 2009 1:43:40 PM Ignore dabuzman Report Abuse Funny bed fellows, but not surprising. I out on this one yet!
djgunrunner Champion Author Salt Lake City Posts:4,824 Points:1,385,640 Joined:Apr 2005	Message Posted: Jul 4, 2009 1:41:43 PM Ignore djgunrunner Report Abuse Are they going to let bids so that they nationalize this too?
outridin Champion Author Illinois Posts:10,354 Points:2,077,810 Joined:Jan 2004	Message Posted: Jul 4, 2009 1:39:11 PM Ignore outridin Report Abuse oil fields of nightmares-- build it and they will nationalize it.
TRAIN RIDER Champion Author San Bernardino Posts:4,275 Points:1,797,070 Joined:Oct 2004	Message Posted: Jul 4, 2009 1:38:37 PM Ignore TRAIN RIDER Report Abuse OIL IS STILL AN IMPORTANT COMMODITY.
tobasco Champion Author Los Angeles Posts:5,614 Points:1,356,200 Joined:Mar 2004	Message Posted: Jul 4, 2009 1:34:29 PM Ignore tobasco Report Abuse And this is important because...
roadrunnerMO Champion Author Kansas Posts:3,446 Points:736,320 Joined:Jul 2008	Message Posted: Jul 4, 2009 1:34:05 PM Ignore roadrunnerMO Report Abuse Do not want any part of them. They can nationalize the companies and take their assets after they start working for Venezuelan companies.
unicornpmb Champion Author Buffalo Posts:3,537 Points:653,275 Joined:Sep 2005	Message Posted: Jul 4, 2009 1:23:28 PM Ignore unicornpmb Report Abuse Strange bed fellows.
WVPhoenix Champion Author Charleston Posts:6,624 Points:1,015,960 Joined:Jan 2006	Message Posted: Jul 4, 2009 1:09:43 PM Ignore WVPhoenix Report Abuse Buy only American on this Fourth of July!
uglytom Champion Author Florida Posts:3,121 Points:683,115 Joined:Jul 2007	Message Posted: Jul 4, 2009 1:06:25 PM Ignore uglytom Report Abuse Who can predict Venezuela's next move?
jwalkerh Champion Author Louisiana Posts:2,103 Points:564,120 Joined:Oct 2008	Message Posted: Jul 4, 2009 1:04:58 PM Ignore jwalkerh Report Abuse It's all about money, always had been and always will be.
Don1222 Champion Author Michigan Posts:6,222 Points:765,105 Joined:Jul 2008	Message Posted: Jul 4, 2009 1:04:43 PM Ignore Don1222 Report Abuse Support alternative fuels. Hydrogen fuel cells.
theduster1 Champion Author Texas Posts:1,411 Points:318,490 Joined:Apr 2008	Message Posted: Jul 4, 2009 1:04:43 PM Ignore theduster1 Report Abuse ok big oil big bucks for the oil
papagreg Champion Author Sacramento Posts:1,527 Points:512,700 Joined:Jan 2008	Message Posted: Jul 4, 2009 1:02:39 PM Ignore papagreg Report Abuse I don't understand. Isn't this the same Hugo Chavez that took over all the oil fields and production in Venezuela and then kicked out all the oil companies? When these fools get involved with Chavez again, they'll get what they deserve. Too bad for us that they'll pass it on to us too!
NavyEOD Champion Author Los Angeles Posts:5,159 Points:1,062,540 Joined:Jul 2007	Message Posted: Jul 4, 2009 12:54:08 PM Ignore NavyEOD Report Abuse Big dollars for Venezuela.
HawaiianGuy Champion Author Idaho Posts:4,606 Points:2,113,420 Joined:May 2003	Message Posted: Jul 4, 2009 12:53:31 PM Ignore HawaiianGuy Report Abuse Watch the Chinese move in on Venezuela and Cuba while we sit on vast reserves just off our shores, unable to develop them because of the Messiah and his EnviroNazis. For a guy who had essentially nothing on his resume' besides "Community Organizer", he's managed to somehow become the most powerful man in the world. Only in America...
Fitwit Champion Author Stockton Posts:2,083 Points:454,220 Joined:May 2009	Message Posted: Jul 4, 2009 12:50:50 PM Ignore Fitwit Report Abuse We are talking about the ugly Hugo Chavez from Venezuela and Chevron with their cute little car ads is buying his oil. By 76, Arco, Valero.
travelzonecente Champion Author Riverside Posts:1,845 Points:458,740 Joined:Jun 2008	Message Posted: Jul 4, 2009 12:50:27 PM Ignore travelzonecente Report Abuse Venezuela oil is very expensive to refine.
Wonderdaddie Champion Author Alabama Posts:1,125 Points:197,360 Joined:Apr 2008	Message Posted: Jul 4, 2009 12:49:19 PM Ignore Wonderdaddie Report Abuse whatever, we will see...
Wonderdaddie Champion Author Alabama Posts:1,125 Points:197,360 Joined:Apr 2008	Message Posted: Jul 4, 2009 12:48:36 PM Ignore Wonderdaddie Report Abuse okay
pricechecker08 Champion Author Ohio Posts:4,087 Points:834,215 Joined:Jan 2008	Message Posted: Jul 4, 2009 12:45:14 PM Ignore pricechecker08 Report Abuse Big Investment>
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Jul 4, 2009 12:43:35 PM Ignore foxups Report Abuse we need to be independent of all these countries