BNW

B N W: Biafra Nigeria World News

Chevron Proposes $6bn Venezuela Heavy Crude Project ChevronTexaco is exploring the possibility of launching a $6 billion project to produce and upgrade heavy oil in Venezuela's Orinoco tar belt, Ali Moshiri, the president of the company's Latin American operations, said. "We are excited to start this project as soon as possible," said Moshiri during an event at Miraflores palace. He said the project would eventually produce 200,000 to 400,000 barrels a day (bpd) of synthetic oil and other products. Moshiri said the company is willing to arrange the project according to Venezuela's 2001 Hydrocarbons Law. The law requires state oil firm Petroleos de Venezuela, or PdVSA, to hold more than 50% of any new oil production joint ventures, and sets a minimum royalty tax rate of 20%. "We are prepared to abide by the new Hydrocarbons Law," he said. Venezuela currently has four heavy crude projects in the Orinoco area: Petrozuata, Sincor, Hamaca and Cerro Negro. PdVSA says these projects currently produce 500,000 bpd, and that the Orinoco area has 30.7 billion barrels of oil reserves. Company officials have said PdVSA is open to expanding the existing projects and starting new ones. ChevronTexaco is a partner in the Hamaca project along with PdVSA and Conoco Phillips (COP). Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb