Vene Claims $80bn in Oil Investments

Venezuelan president Hugo Chavez says investment in oil projects along the Orinoco belt will reach $80bn between 2010 and 2016, according to information from the local energy and oil ministry. The ministry adds that of the total, $30bn will be invested in the Carabobo area and the rest in Junin. Spain’s Repsol, which is in partnership with India Oil & Natural Gas, Malaysia-based Petronas, Oil India and Indian Oil, will hold a 40% participating interest in 3 blocks in Carabobo. PDVSA will hold the remaining 60%, a Repsol spokesman says, declining to confirm how much the consortium will invest. Chevron, in partnership with Japan’s Inpex, Mitsubishi and Venezuela’s Suelopetrol will also hold a 40% stake in another Carabobo block with PDVSA keeping the balance. Meanwhile, Italy’s Eni will develop a block in Junin. As with the other deals, Eni will hold 40% while PDVSA holds 60% in the venture. Eni says in a statement that it will pay $646m to develop the block. Calls to Eni and Chevron seeking comment were not returned.