May 04 2010
On January 28 2010 two consortia presented offers to participate as partners of PDVSA or CVP in the incorporation of mixed companies that will develop the fields subject to the Carabobo Project bidding process (a project that involves upstream activities in the Orinoco Basin to produce extra heavy crude and its transport and upgrading). Repsol (Spain), Petronas (Malaysia), Oil and Natural Gas Corporation (India's state-owned company), Oil Indian Limited and Indian Oil Corporation presented a bid for Carabobo Block 1; and Chevron (United States), Inpex and Mitsubishi (Japan) and Suelopetrol (Venezuela) presented a bid for Carabobo Block 3.
Since no other offers were presented, the consortia were awarded the blocks for which they bid. Initially, 19 companies had acquired the data pack to participate in the Carabobo Project bidding round.
The process has progressed rapidly and on April 15 2010 the National Assembly approved the incorporation of two mixed companies and established the main conditions for their incorporation. The highlights of these conditions are as follows:
The rest of the terms and conditions applicable to the development of the blocks by the mixed companies are included in the contracts for incorporation and administration of the mixed companies and the charter/by laws of each mixed company, which have not yet been made public.
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Vera De Gyarfas