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Ivanhoe Energy, Inc. Message Board

  • daveo7997 daveo7997 Apr 17, 2010 7:09 AM Flag

    Can you find ivans partners in this?

    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.

    © 2010, IHS Global Insight Limited.

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