Tuesday, May 25, 2010

Betting on Venezuela. BP wishes to take advantage of the business possibilities of the Orinoco Oil Belt


British oil giant BP wants to remain and grow in Venezuela where it is a partner to a company which produces oil in the Orinoco belt, said the chairman of the company's Andean Unit, Alfredo Galvis, in an interview with Carta Petrolera magazine, Ecopetrol's information publication. BP produces 120,000 barrels of heavy crude daily in Venezuela where one of the biggest reserves in the world is located. Venezuela is relying on the Orinoco's crude to revive its stalled production, which officials place at 3 million barrels daily, for which it has allied itself with Russian, Chinese, Italian and Vietnamese oil companies. In Venezuela, BP is a partner of the Petromonages firm and has a share of Boqueron and Petroperija which produce light crude. This past May 12, the oil companies which were awarded two oil projects in the Orinoco belt signed the constitution of mixed companies with Petroleos de Venezuela taking the first in incorporating reserves to its books.

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