The Washington Post reported on 6 July that France’s Total and China National Petroleum Corp have placed bids for two heavy-oil blocks being auctioned in Venezuela.
It is unknown which particular blocks the companies have jointly bid for but there is speculation about the region’s oil sands blocks.
Go deeper with GlobalData
According to the Washington Post two unnamed people involved in the bidding round said that the bids being placed include the building of upgraded facilities for processing oil and plans to clean up sludge-like oil from the block, and cost between $7 and $10bn.
Venezuela needs funds from foreign companies to increase its own reserves and reduce its dependency on the US.
The blocks are in the Carabobo region and are two of seven on offer. Bids close on 28 July this year with results to be announced on 14 August.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
