Chevron to Propose New Heavy Oil Project
Posted on: Wednesday, 5 October 2005, 15:00 CDT
CARACAS, Venezuela - Chevron Corp. plans to propose a new heavy oil project in Venezuela that aims to produce 400,000 barrels a day, a company executive said.
The California-based firm would partner with state-run Petroleos de Venezuela SA., or PDVSA, and Spain's Repsol YPF, on the project.
Chevron and Repsol will finish the business plan and present it to PDVSA in the first quarter of next year, said Ali Moshiri, the head of Chevron's exploration and production operations in Latin America.
The proposed project would be Chevron's second heavy oil venture in Venezuela. The company currently has a 30 percent stake in the 190,000 barrels per day Hamaca heavy oil project in eastern Venezuela.
The company has bid for and won blocks of natural gas under the government of Venezuelan President Hugo Chavez, the only licenses Venezuela has offered energy firms since Chavez came to office in early 1999.
Venezuela's four existing heavy oil projects pump around 600,000 barrels per day of extra-heavy crude, which is then upgraded at special plants to make the tar-like substance marketable.
Source: Associated Press/AP Online
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