April 16, 2010 VENEZUELA -- The Venezuelan National Assembly yesterday approved the creation of two mixed companies between the state oil company PDVSA's affiliate CVP and foreign companies for the development of projects in the Orinoco oil belt.
The mixed companies correspond to the areas awarded as part of a heavy oil licensing round: the Carabobo 3 area, awarded to the US supermajor Chevron, the Japanese firms Mitsubishi and INPEX, and the local company Suelopetrol; and the Carabobo 1 project, awarded to a consortium comprising Spain's Repsol, the Malaysian state oil company Petronas, and the Indian companies ONGC, Oil Indian Limited, and Indian Oil Corporation. CVP will take a 60% stake in each of the mixed companies.
A presidential decree transferring rights to the companies involved in these projects is still required before the new mixed companies can be formally instituted. The approval of the contracts by the National Assembly is essentially a formality. Nonetheless, it is still a significant development as these two projects alone are expected to generate USD 30-billion–worth of investment and raise production by 880-960,000 b/d.
Chairman of Inpex Corp. "Additionally, we are interested in supporting the development of Ivanhoe Energy's HTL(TM) technology, which is expected to have the potential to improve the economics of heavy oil production the WOLRD OVER."...........................THE WOLRD OVER..................
The April 2007 agreement between Ivanhoe and Inpex specifically targets an oil field in Iraq.
However, it does sound like the opportunity in Venezuela would be very very similar and if Inpex teamed up with Ivan in Iraq, it does not seem out of the question that they would do it again in Venezuela (especially since Ivan is already established in South America).