Reply #4: Japanese firms acquire Venezuelan oil field rights

[Judi Lynn]

Japanese firms acquire Venezuelan oil field rights

08-02-10 Major petroleum development company Inpex has acquired the development rights for part of the Orinoco oil field in eastern Venezuela with Mitsubishi, according to Inpex.

Observers say the development rights for a part of the giant oil field could help secure a stable supply of energy for Japan, which depends on the Middle East for 87 % of its crude oil procurement.

The two companies are part of a group of firms that won a bid for the development rights of the Carabobo area, which has an estimated 2 bn to 2.5 bn barrels in oil reserves, and will be able to produce about 400,000 bpd when it is scheduled to reach peak production in 2020.

Inpex and Mitsubishi will each hold a 1.25 % stake in development rights. Venezuela's state-run oil company Petroleos de Venezuela will have 60 % stake and Chevron Corp. will have a 34 % stake.

More:
http://www.gasandoil.com/goc/company/cnl101201.htm