February 12, 2010
Result of Venezuelan Carabobo Bid Process in Orinoco Oil Belt
The Bolivarian Republic of Venezuela announced that it has awarded a contract to develop and produce Orinoco extra-heavy crude oil to the consortium of Mitsubishi Corporation (MC), Chevron Corporation (Chevron), INPEX Corporation (INPEX), and Suelopetrol.
The consortium’s winning bid was for the blocks C2 South, C3 North and C5, situated in the northeast Orinoco River, and covering a combined 557 square kilometers. A joint company established by the consortium members and PDVSA will produce and market 400,000 barrels per day. PDVSA will have a 60% share of this company, with the consortium members owning the remaining 40% between them.
MC is very pleased with this announcement, and is fully committed to the success of this project, which should help diversify energy sources and contribute to stable supplies of crude oil.
- Inquiry Recipient
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Mitsubishi Corporation
Telephone:+81-3-3210-2171 / Facsimile:+81-3-5252-7705
