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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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kelsielee Champion Author Atlanta Posts:3,384 Points:662,425 Joined:Sep 2008	Message Posted: Jul 5, 2009 10:12:26 AM Ignore kelsielee Report Abuse I am surpised that companies are willing to invest in Venezuela when Chavez has not proven to be "trustworthy" in the past. I guess the promise of greater riches blinds many to the potential pitfalls.
FuelBarge Champion Author Long Island Posts:4,138 Points:1,095,015 Joined:Aug 2005	Message Posted: Jul 4, 2009 10:17:26 PM Ignore FuelBarge Report Abuse I wouldn't invest a dime in Venezuela. Chavez would confiscate it as state property faster than I can say "dime".
milespergallon Champion Author Illinois Posts:4,978 Points:1,046,420 Joined:Feb 2007	Message Posted: Jul 4, 2009 8:44:46 PM Ignore milespergallon Report Abuse Shows how stupid government has become. This treacherous nation has already confiscated billions of dollars worth of assets and there are still 'thinking' people who want to invest?
RoadKing95 Champion Author San Jose Posts:15,147 Points:2,621,840 Joined:May 2003	Message Posted: Jul 4, 2009 6:54:59 PM Ignore RoadKing95 Report Abuse And since you brought up Gen. Colin Powell, did you happen to notice who he backed in the last presidential election?
RoadKing95 Champion Author San Jose Posts:15,147 Points:2,621,840 Joined:May 2003	Message Posted: Jul 4, 2009 6:41:07 PM Ignore RoadKing95 Report Abuse DellMan - Thanks for calling me antiwar. I can wear that proudly. Who is pro-war? If we have a good reason to defend ourselves, I'm all for it. And God blees you for serving in the military. Seriously. I respect those who are willing to protect us. I was in the military for eight years during the little Vietnam "conflict". I volunteered, and volunteered to serve in Vietnam. Seems to me that during that time you could dodge the draft by going into the national guard. Get all the training to fly jets and then duck out to do whatever you want in the safety of who knows where? GWB made sure to plug that hole. Now the NG is sent into combat for how many tours? I am not a democrat or a republican. I think that all politicians are crooked. I was never for Bush or his war. I proudly admit to haveing voted for Obama. I was on the fence and could have voted McCain until he lost his mind and picked Palin. Good news in that regard. Rumour has it she's stepping down from Gov of Alaska so she can devote her time to running for president. Good news for those of us that have had enough of the borrow and spend that got us into this current situation. And call me a Californian while you're at it. I'm not ashamed of that either. 11th largest economy in the world. CA has done a lot for our proud nation. If it weren't for the federal government we wouldn't be in such bad times right now.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 4, 2009 5:13:59 PM Ignore DellMan Report Abuse RoadKing95: You are very naive. Must be the fact you are a Californian. I know Iraq wasn't totally about 9/11. However, Saddam was harboring terrorist as well as having WMD. I don't believe his final interview were he says he was only bluffing. There was too much Intel showing he had them. Or are you calling Gen. Colin Powel a liar as well. They were all moved to other countries like Iran and Syria while your liberal buddies prevented us from going after him. Between them and the fools at the UN it took us too long to go in, which gave him time to move it all. His own scientists have told us he had WMD. I see you are a conspiracy theorist as well. Where is your proof about the Bin Laden family? I recently retired from the military after 26 years and worked in several classified areas and never heard this one. There were training camps in Iraq as well or have you conveniently forgotten about them?
ssect8 Champion Author Hartford Posts:3,076 Points:1,218,350 Joined:Jun 2006	Message Posted: Jul 4, 2009 5:08:25 PM Ignore ssect8 Report Abuse Not good sounds like another cartel to put the screws to us. We need to drill more off shore.
RoadKing95 Champion Author San Jose Posts:15,147 Points:2,621,840 Joined:May 2003	Message Posted: Jul 4, 2009 5:01:47 PM Ignore RoadKing95 Report Abuse >>turned the other cheek after 9/11.<< So are you implying that it was Iraq that caused 911? You are the one that needs to do some research. Heck even Bush and his cronies admitted that Iraq had nothing to do with 911. WMD's were the excuse they used to invade. Then it was we have to fight them over there so we don't have to fight them here. Al-Quaida were the ones that brought us 911. Most of the terrorists that died were from Saudi Arabia. Remember how Bush and Co. wisked all of Osama's relatives out of the US while you and I couldn't even get on an airplane? What about the pictures of Bush holding hands and strolling with the Saudi Prince? No I'm wrong. It's all Obama's fault. How I could be so naive?
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 4, 2009 4:50:54 PM Ignore DellMan Report Abuse RoadKing95: Try to learn the facts before you start blaming people for things. The Dems have had control of congress going on 3 years now and look what they have managed to do with the national debt in just the last 6 months. I suppose you are one of those anti-war people who feel we should have turned the other cheek after 9/11. Stop listening to the main stream media and do some research. I am sure by the time you are done, if you take the time and effort to really look, you will see it is the Democrats and Liberals who caused the majority of our problems. The war could have been over a long time ago had your liberal friends not tried to stop it at every turn.
RoadKing95 Champion Author San Jose Posts:15,147 Points:2,621,840 Joined:May 2003	Message Posted: Jul 4, 2009 4:34:55 PM Ignore RoadKing95 Report Abuse Weirdomania1 wrote; >>Way to go China!! Way to spend our money! Way to go government and Corporate america for selling us out and investing in China!!! << Spending our money??? What the... We've been spending their money for the last eight years to fund Bush's war. Complain all you want about tax and spend democrats, but it was the BORROW and spend of the republicans that dug this giant hole we're in. There was virtually no deficit when Bush took power, and look where we are now. Yeah lets all blame Obama. After all it's all his fault, right?
zeddieiv Champion Author Columbia Posts:3,561 Points:1,062,830 Joined:Oct 2006	Message Posted: Jul 4, 2009 4:32:52 PM Ignore zeddieiv Report Abuse Meet Barack "Hammer and Sickle" Obama!
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Jul 4, 2009 4:31:01 PM Ignore netman044 Report Abuse Why would any company invest in the oil industry in Venezuela? Their past history of taking over the assets of private companies should send up some red flags.
jppezz Champion Author New Mexico Posts:3,619 Points:711,180 Joined:Jun 2008	Message Posted: Jul 4, 2009 4:29:43 PM Ignore jppezz Report Abuse remeber the old saying they will bury us from withen well meet Mr. Obama
RoadKing95 Champion Author San Jose Posts:15,147 Points:2,621,840 Joined:May 2003	Message Posted: Jul 4, 2009 4:27:54 PM Ignore RoadKing95 Report Abuse stugha wrote; >>Agree with Whitedog59 and add that nuclear energy is moving forward in other countries, where are we? By the time our great congress gets around to getting us out of foreign oil dependence we'll be a third world country. << I have to agree with you that we need to get on the stick with nuclear energy. There's no good reason not to. But I have to part with you on blaming the current administration and congress. Show me what the past administration and congress did to help get us off of foreign oil dependence. I feel that we are finally moving in the right direction. We dug ourselves into a giant hole over the last 8 years, and it will take time to right the ship (to mix metaphors).
ReberGas Champion Author Milwaukee Posts:1,817 Points:167,565 Joined:Nov 2008	Message Posted: Jul 4, 2009 4:24:59 PM Ignore ReberGas Report Abuse Venezuela, China, France -- Nothing good there for us, let's start drilling our own NOW!
Weirdomania1 Champion Author Orange County Posts:2,784 Points:514,415 Joined:Jan 2008	Message Posted: Jul 4, 2009 4:21:17 PM Ignore Weirdomania1 Report Abuse Way to go China!! Way to spend our money! Way to go government and Corporate america for selling us out and investing in China!!!
georgeo Champion Author California Posts:2,491 Points:101,385 Joined:May 2009	Message Posted: Jul 4, 2009 4:11:40 PM Ignore georgeo Report Abuse Here is China again. They won contracts in Iraq.
TerryLee Champion Author Ohio Posts:11,367 Points:2,139,965 Joined:Mar 2004	Message Posted: Jul 4, 2009 4:09:23 PM Ignore TerryLee Report Abuse We need to start our own drilling
katmandue Champion Author Detroit Posts:3,135 Points:1,168,730 Joined:Jul 2006	Message Posted: Jul 4, 2009 4:04:50 PM Ignore katmandue Report Abuse WE need to move away from oil dependance.
flyfast Champion Author Kansas City Posts:4,496 Points:873,550 Joined:Jan 2008	Message Posted: Jul 4, 2009 3:58:03 PM Ignore flyfast Report Abuse a good place to lose (have your money taken from you)
kidrockTX Champion Author Fort Worth Posts:3,854 Points:507,845 Joined:Sep 2008	Message Posted: Jul 4, 2009 3:55:04 PM Ignore kidrockTX Report Abuse it is cheaper for us to drill here then to buy from some one else so let's get to it
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 4, 2009 3:53:43 PM Ignore Tucker1961 Report Abuse How are our legislators going to making a living with out the oil companies putting money in their back pocket. They have to eat too.
w4kh Champion Author Riverside Posts:6,851 Points:1,273,495 Joined:May 2004	Message Posted: Jul 4, 2009 3:53:24 PM Ignore w4kh Report Abuse Let's see... if I were an oil exec, would I sink $10 to $20 BILLION into Venezuela, a country that has annexed oil company assets before, and a country whose government is not real friendly towards us?
stugha Champion Author Massachusetts Posts:2,161 Points:266,065 Joined:Sep 2006	Message Posted: Jul 4, 2009 3:50:37 PM Ignore stugha Report Abuse Agree with Whitedog59 and add that nuclear energy is moving forward in other countries, where are we? By the time our great congress gets around to getting us out of foreign oil dependence we'll be a third world country.
Wildman14 Champion Author Virginia Posts:1,499 Points:417,000 Joined:Jul 2008	Message Posted: Jul 4, 2009 3:48:04 PM Ignore Wildman14 Report Abuse All alternatives now, except nuclear.
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 4, 2009 3:44:51 PM Ignore buckoMD Report Abuse A monopoly of state run oil companies????? What is that?
Paw5X Champion Author Gary Posts:5,694 Points:1,540,170 Joined:May 2005	Message Posted: Jul 4, 2009 3:37:12 PM Ignore Paw5X Report Abuse Government just does not want to do it!
hibsaw Champion Author Mississippi Posts:3,103 Points:714,050 Joined:Feb 2008	Message Posted: Jul 4, 2009 3:34:56 PM Ignore hibsaw Report Abuse You tell em Whitedog59. You are right on.
snewwee Champion Author Detroit Posts:4,969 Points:1,010,105 Joined:Sep 2007	Message Posted: Jul 4, 2009 3:32:43 PM Ignore snewwee Report Abuse Is the U.S. in this mix?
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 4, 2009 3:29:33 PM Ignore korklenut Report Abuse Venezuela will nationalize the project when its finished. Why invest?
heocon Champion Author Riverside Posts:3,720 Points:718,765 Joined:Jul 2008	Message Posted: Jul 4, 2009 3:27:01 PM Ignore heocon Report Abuse similiar to the refining cost that it take to convert the sands in canada
hoosierdaddyno1 All-Star Author Indiana Posts:937 Points:469,615 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:24:39 PM Ignore hoosierdaddyno1 Report Abuse S
CUBBUC Champion Author Florida Posts:3,123 Points:425,040 Joined:May 2008	Message Posted: Jul 4, 2009 3:21:47 PM Ignore CUBBUC Report Abuse Garbage in...Garbage Out as far as the article...More importantly...Happy Independence Day to Everyone!!!
Minster Champion Author Wichita Posts:2,236 Points:779,790 Joined:Oct 2007	Message Posted: Jul 4, 2009 3:11:37 PM Ignore Minster Report Abuse yes we need to drill here. now.
paoli8 Champion Author Philadelphia Posts:2,957 Points:926,710 Joined:Jul 2007	Message Posted: Jul 4, 2009 3:04:17 PM Ignore paoli8 Report Abuse GRIM FARVA WE ALL ARE FEELING OBAMA'S DRILLING! WHERE, I WILL LEAVE TO YOUR IMAGINATION.
Whitedog59 Rookie Author Louisiana Posts:3 Points:1,735 Joined:Jul 2009	Message Posted: Jul 4, 2009 3:04:08 PM Ignore Whitedog59 Report Abuse Go Blazers wrote "Let's drill in YOUR back yard". They do and have for 60 yrs. Most only parrot what the news media and environazis spout. No significant spills, no enviro- disasters. The Santa Barbara channel in Kalifornistan has huge deposits of high grade crude that is off limits. The environazis are worried about spills. Well about 4200 gallons of crude naturally seeps daily up from the floor of the Santa barbara channel daily. I am tired of B.S arguments by uninformed sheeple destroying the independence and freedoms in our country.
MalibuGordie Champion Author California Posts:3,358 Points:623,915 Joined:Sep 2008	Message Posted: Jul 4, 2009 2:59:43 PM Ignore MalibuGordie Report Abuse We seem to have is self destructive desire to let everyone else drill, but not us.
REKEY Champion Author South Carolina Posts:3,622 Points:725,475 Joined:May 2008	Message Posted: Jul 4, 2009 2:56:23 PM Ignore REKEY Report Abuse At what cost to the environment?
eagleeye2008 Champion Author Wisconsin Posts:3,992 Points:757,240 Joined:Jul 2008	Message Posted: Jul 4, 2009 2:47:01 PM Ignore eagleeye2008 Report Abuse NOT A GOOD SIGN !!!-------DRILL HERE !!!!!
micpie Veteran Author Oregon Posts:465 Points:116,965 Joined:Jun 2009	Message Posted: Jul 4, 2009 2:40:19 PM Ignore micpie Report Abuse Great. More "stuff" w/ China. That is exactly what we need.
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 4, 2009 2:39:32 PM Ignore roadkillGA Report Abuse Chavez coninues to dump on the U.S.
skippypa Champion Author Hawaii Posts:3,499 Points:760,140 Joined:Jun 2008	Message Posted: Jul 4, 2009 2:36:41 PM Ignore skippypa Report Abuse I wonder how American will feel when we pledge alligence to the flag of the Republic of China.
Retowered Champion Author Colorado Posts:4,142 Points:1,721,075 Joined:May 2004	Message Posted: Jul 4, 2009 2:36:08 PM Ignore Retowered Report Abuse MORE CORRUPTION. THANKS OBAMA
davidel57 Champion Author Houston Posts:2,221 Points:437,465 Joined:Apr 2008	Message Posted: Jul 4, 2009 2:35:15 PM Ignore davidel57 Report Abuse Stay away from anything Chavez!
Tru2psu2 Champion Author Winston-Salem Posts:6,688 Points:625,130 Joined:Feb 2004	Message Posted: Jul 4, 2009 2:34:17 PM Ignore Tru2psu2 Report Abuse I'm afraid China will own us not too far off....an that is scary!
REVLAW Champion Author San Antonio Posts:5,398 Points:1,028,115 Joined:Jul 2007	Message Posted: Jul 4, 2009 2:29:21 PM Ignore REVLAW Report Abuse Guess Hitler went about it the wrong way ... he tried world domination through war. China, on the other hand, seems to have a succeeding approach ... domination through economic means and control of the natural resources of other countries. [Edited by: REVLAW at 7/4/2009 2:30:21 PM EST]
MustangKen Champion Author Denver Posts:3,765 Points:631,950 Joined:Apr 2007	Message Posted: Jul 4, 2009 2:25:15 PM Ignore MustangKen Report Abuse If obama's Cap and Trade legislation passes, we will not have any refining capacity in 5 years.
1fulltank Champion Author Buffalo Posts:2,980 Points:575,900 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:19:04 PM Ignore 1fulltank Report Abuse If this doesn't help add to the supply, and therefore lower prices, we should, again, tap OUR OWN!!!
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:3,038 Points:1,197,190 Joined:Jun 2006	Message Posted: Jul 4, 2009 2:15:51 PM Ignore MikLamb Report Abuse China and France deserve each other.