CARACAS - Venezuela has delayed by at least three weeks a bidding round fields in the vast Orinoco heavy crude belt, a source involved in the bid told Reuters.
Oil companies have expressed interest in the three massive projects that could pump 1.2 million barrels per day, but the combination of low oil prices and the perception Venezuela is a high-risk environment has to some extent tempered enthusiasm.
"The bid has been delayed by at least three weeks," said the source, who asked not to be identified. "No reason was given for the delay."
A Venezuelan energy ministry official said she could not comment.
Companies ranging from U.S. giant Chevron to China's CNPC have been evaluating the offer, which would let foreign and private companies take up to a 40 percent stake in three joint ventures with state oil company PDVSA.
The tar-like Orinoco oil would then be turned into lighter synthetic crude through multibillion dollar upgraders.
Company sources involved in the bidding say the projects are attractive because they offer low production costs and limited exploratory risks, but worry about heavy financing costs for the upgraders in tight credit markets.
They also say the 2007 nationalization drive led by leftist President Hugo Chavez, which edged ConocoPhillips and Exxon Mobil out of the OPEC nation, has left companies worried about the security of their investments in Venezuela.
Oil companies have expressed interest in the three massive projects that could pump 1.2 million barrels per day, but the combination of low oil prices and the perception Venezuela is a high-risk environment has to some extent tempered enthusiasm.
"The bid has been delayed by at least three weeks," said the source, who asked not to be identified. "No reason was given for the delay."
A Venezuelan energy ministry official said she could not comment.
Companies ranging from U.S. giant Chevron to China's CNPC have been evaluating the offer, which would let foreign and private companies take up to a 40 percent stake in three joint ventures with state oil company PDVSA.
The tar-like Orinoco oil would then be turned into lighter synthetic crude through multibillion dollar upgraders.
Company sources involved in the bidding say the projects are attractive because they offer low production costs and limited exploratory risks, but worry about heavy financing costs for the upgraders in tight credit markets.
They also say the 2007 nationalization drive led by leftist President Hugo Chavez, which edged ConocoPhillips and Exxon Mobil out of the OPEC nation, has left companies worried about the security of their investments in Venezuela.
