BIDS LISTED FOR PDVSA'S FIELD REACTIVATION PROGRAM

Twenty-two foreign and Venezuelan companies bidding alone or in combines have submitted bids to units of Petroleos de Venezuela SA for operating contracts under Venezuela's marginal oil field reactivation program. The program, outlined last year, represents the first time private companies, notably foreign oil companies, have been offered the opportunity to participate in Venezuelan oil production since nationalization in 1976.

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