08 November 2012

VENEZUELA / OIL / USA : 09 Nov UPDATE: Chavez Pleads For Foreign Investment; Caracas Projects Exxon/Conoco Arbitrations Resolved By 2013.


     Venezuela's oil minister Rafael Ramirez says that its arbitration with Exxon and ConocoPhillips over 2007 nationalizations of their claimed $40 billion projects in the rich heavy crude Orinoco Belt...will be resolved by late 2013.
    In the past...Caracas has said it expects to pay no more than $2.5 billion.
    Analysts say both oil giants' assets are valued at $7-$9 billion.
    With 373 rigs in operation...Ramirez reports PDVSA's daily output is 3.0-3.1 million bpd...well short of a 3.5 mn target.
     But PDVSA has ambitious plans to expand crude production in the Orinoco Belt with China and Russia...and also step-up nat gas output in the Mariscal Sucre field.
       NEW!!! UPDATE: On TV and elsewhere...Chavez is pleading for new foreign investment. 
      'Come and invest! Don't believe the fairy tale that we're going to expropriate you. 
      It's totally false that I have a plan to expropriate everyone. 
      Don't be deceived by that tale of 'here comes the wolf.' Lies. I'm urging you to come and work.'