Venezuela natural gas auction closes with no offers

CARACAS Mon Jan 18, 2010 7:54am EST

Related Topics

CARACAS Jan 18 (Reuters) - Venezuela's Mariscal Sucre project, which has estimated reserves of 14.7 trillion cubic feet of gas, has failed to attract private interest after the government invited firms to make offers last week.

Offers were to be made on Friday until midnight.

The government this month improved the conditions it was offering companies to help develop the project, but in the end nobody came forward, private sector sources close to the process said on Monday.

State oil company PDVSA has yet to announce the results.

Last year PDVSA invited a group of companies including Japan's Marubeni (8002.T), Mitsui, Mitsubishi and Itochu, Norway's Statoil (STL.OL), Russia's Gazprom and Italy's ENI (ENI.MI) to consider taking part in the project.

Spain's Repsol (REP.MC) had also shown interest but did not make an offer.

PDVSA forecasts that the field will produce 1.2 billion cubic feet per day. (Reporting by Marianna Parraga; Editing by James Dalgleish)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
dsalvador wrote:
This is the obvious response to Mr. Chavez’s complete disregard for international public opinion and his total lack of timing when making erratic business announcements. XXI Centrury Socialism, be serious!

Jan 19, 2010 6:02pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.