By OGJ editors
HOUSTON, July 29 -- There should be an agreement this week between Venezuela oil company Petróleos de Venezuela SA (PDVSA) and Brazil's oil company Petroleo Brasileiro SA (Petrobras) for partnerships in deepwater exploration, said Petrobras' International Director Nestor Cervero on Wednesday, reported Caracas-based online newsletter Petroleumworld.
PDVSA last week announced it would award Blocks 3 and 5 on the Plataforma Deltana natural gas area off Venezuela in August followed by seven blocks in the Gulf of Venezuela by yearend. Eight companies have been short-listed to participate in the auction, PDVSA executives said.
The government awarded gas exploration licenses on the Plataforma Deltana in February to ChevronTexaco Corp. and Statoil ASA (OGJ Online, Feb. 10, 2003).
And Petrobras Energía, Petrobras' Argentina subsidiary, currently is operating in two Venezuelan oilfields.
Brazilian market analysts say the partnership of the two national giants also makes the construction of a planned new refinery in Venezuela more likely. The refinery would require a $2 billion investment, reported local Brazilian media.
On Wednesday in Caracas, PDVSA officials announced at a business forum that they expect private companies to invest about 26% of the total $43 billion required to increase Venezuelan crude oil production to about 5 million b/d by 2008. PDVSA itself will invest 63% ($27.1 billion) and, through strategic associations, will seek external financing for the remaining 11% ($4.73 billion), the local press reported.
PDVSA's 5 year plan investments call for $5 billion/year, mostly for exploration and production and in participation in integrated projects in the Orinoco belt, Petroleumworld said.
