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.
The program covers 55 inactive oil fields in nine areas that hold proved reserves of 357 million bbl and combined probable and possible reserves totaling another 1.169 billion bbl (see map, OGJ, Aug. 19, 1991, p. 15).
Government officials had hoped for a better response to the program because 88 companies or combines initially had shown interest in bidding for the contracts. However, Pdvsa expressed satisfaction that the bidding had attracted some major oil companies.
Bids were presented to Pdvsa operating units Corpoven SA, Lagoven SA, and Maraven SA for fields in Production Units 3 (South Monagas), 4 (Pedernales), 6 (Falcon onshore), 8 (West Guarico), and 9 (East Guarico).
Production Units 1 (Quiriquire), 2 (Jusepin), 5 (West Falcon), and 7 (Falcon offshore) received no bids. Some companies complained the geological data on the fields often was old and sometimes limited. The oldest field in the program was discovered in 1921.
Pdvsa did not disclose financial or technical details from the bids.
Venezuelan Vice Minister of Energy Rafael Guevara said the government plans to ask for operating contract bids on 20 other inactive oil fields but provided no details.
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