Related Articles
Forward article link
Share PDF with colleagues

Out with the old ...

Venezuela's national oil company, PdV, needs investment partners for its ambitious projects in the country's Orinoco heavy-oil belt. China's state-owned CNPC may be among them, writes Robert Cauclanis

ANXIOUS to reverse declining crude-oil output, Venezuela is offering its first new oil exploration and production (E&P) concessions in a decade – and the first of President Hugo Chávez' era. But having watched the government increase state control over other assets, few private-sector firms are likely to consider the large investments required. Chávez may have more luck with state-controlled companies. The grand plan is for Venezuela to boost total crude output to 5.8m barrels a day (b/d) by 2012. The government claims production is 3.3m b/d, but estimates by independent analysts and private-sector oil executives are significantly lower – mostly around 2.4m b/d (see Figure 1). El Univer

Also in this section
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors
China loans make Venezuela’s outlook more precarious
12 July 2018
Patience is wearing thin among both China and other trading partners