RPT-Oil partnerships formed, eye big Venezuela project

* At least five consortiums to bid on Carabobo tender

* Companies stress importance of terms and conditions (Repeats late Thursday story with no change in text)

By Marianna Parraga and Rebekah Kebede

PORLAMAR, Venezuela, Nov 5 (Reuters) - International oil companies have formed at least five consortiums to bid on the massive Carabobo project in Venezuela's Orinoco heavy oil belt, sources involved in the process said.

Despite fears generated by the OPEC nation's history of nationalizing oil assets, 16 companies have expressed interest in bidding on the massive Carabobo project.

For a factbox on the partnerships, click here: [ID:N05144789]

"The consortiums are ready," one of the sources said at the third World Heavy Oil Congress.

The bidding round, the country's first in a decade, will take place between Jan. 12 and 18, after repeated delays since the project was announced last year.

Carabobo is eventually expected to produce 1.2 million barrels per day from seven blocks in the Orinoco heavy oil belt.

China National Petroleum Corporation (CNPC), currently developing the Junin 4 block of the Orinoco, plans to partner with the French Total (TOTF.PA), which has operated a heavy crude upgrader for years, according to the sources.

CNPC, whose presence in the South American nation has grown due to political ties between Caracas and Beijing, will make a separate bid with Sinopec, another Chinese company.

The American Chevron (CVX.N) will partner with three Japonese companies and the Venezuelan Suelopetrol, while Spain's (REP.MC) will partner with Malaysia's Petronas and India's ONGC.

The Portuguese Galp Energia is negotiating a partnership with Norway's Statoil STO.OL. Petrobras (PETR4.SA) was expected to be part of that partnership, but sources said the likelihood of that occurring has decreased in the last few weeks.

London-based BP (BP.L) will bid alone and the British-Dutch Shell RDSa.L, which has not yet made a firm decision, will also bid alone if it decides to participate in the tender.

Russian participation in the tender is unlikely due the commitments it has made to develop other areas of the Orinoco, the sources said.

DEALS HINGE ON CONDITIONS