Sufficient interest for Venezuela's marginal field bidding

Mar 12, 1997 01:00 AM

Mar. 1, 1997 The sale of basic information of 20 marginal or inactive oil fields included in a third round of bidding in May has already generated some $ 14 mm for state oil company PDVSA.
PDVSA is preparing to grant operational contracts to private Venezuelan and foreign oil companies to reactivate the fields, located across the country. As a result of two previous tenders in recent years, some 26 companies have received 15 contracts to operate marginal or inactive oil fields that are currently producing about 260,000 bpd of crude oil.
"The third round of bidding for the exploitation of 20 marginal and mature oil fields promises to be another successful chapter of this history of achievements in the new form of doing things in our petroleum industry," said an official of PDVSA. "One of the characteristics that stands out in this program is that out of the 20 fields, five have been reserved exclusively for Venezuelan operating companies, which allows the national industrial sector the opportunity to participate in the most active fashion in the development of the opening program," he added. He explained that a total of 259 private companies were pre-selected to participate in the third round of bidding, of which 30 were Venezuelan and the rest from 25 countries.

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