NYTIMES UPDATE AM 12 FEB/ Chevron and Repsol are betting on a big return from exploiting Venezuela's massive oil deposits by winning two $15 billion projects in the first oil auction since President Hugo Chavez took office 11 years ago. The Chevron-shared development, called Carabobo 3, is scheduled to start in 2013 and hopes to rise to 400,000 barrels a day in 2016. Several other oil companies expressed interest in the project including Royal Dutch/Shell, Petrobras and Total - but did not bid. Chavez's recent nationalizations have scared many investors but Chevron has the best relationship with Chávez of any American oil company.
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