September 22, 2003
Assembly
to review Tomoporo oil bid
By Peter Millard
(Dow Jones Newswires) - Venezuela's Energy
and Mines Ministry plans to submit a licensing
round for the Tomoporo oil field to the National
Assembly for approval before the end of this year,
El Nacional newspaper reported.
"We
are working on all the geologic data, the exploration
plan and the terms and conditions to deliver it
to the National Assembly," said Energy and
Mines Minister Rafael Ramírez, referring
to the Tomoporo oil field in western Venezuela.
"The process is very advanced and will probably
be finished by the end of the year".
Ramírez
said a joint venture between state oil company
Petróleos de Venezuela (PdVSA), and private
oil companies would develop the field. PdVSA officials
have said the Tomoporo field in the western Lake
Maracaibo region could produce as much as 250,000
barrels per day by 2008.
According
to press reports, international oil firms interested
in the tender include Repsol YPF SA, TotalFinaElf
S.A. Statoil AS, ExxonMobil Corp. and ChervonTexaco
Corp.
