February 10, 2010 / 10:32 PM / in 9 years

UPDATE 1-Repsol says wins project in Venezuela oil bid

* Repsol says wins a project in Carabobo bid

* Venezuela’s PDVSA to take 60 percent

* Petronas, ONGC, to participate in consortium (Adds details, quote, background)

CARACAS, Feb 10 (Reuters) - A consortium of companies, including Spain’s Repsol won a project in Venezuela’s Carabobo oil auction, a Repsol official said on Wednesday.

“Project one,” Repsol Exploration and Production Vice President Nemesio Fernandez told reporters, when asked which project the company won, referring to the first of three offered in the tender.

Repsol (REP.MC) will take an 11 percent stake, India’s ONGC (ONGC.BO) 11 percent and Malaysia’s Petronas (PETR.KL) 11 percent, he said.

Venezuelan state oil company PDVSA will take 60 percent of the project and the remainder will be distributed between other Indian companies.

“Each participant of the consortium will have 11 percent, two Indian companies will take the remainder (to reach 40 percent)” he said.

The tender includes three projects slated to produce 1.2 million barrels per day, following years of slumping oil production in the OPEC nation.

The company made two offers in Venezuela’s Carabobo oil auction, but plans to accept only one.

Fernandez said the consortium offered a signing bonus close to the minimum required by the auction. Minimum bonuses for the bid were between $500 million and $1 billion, depending on the project.

Venezuela said it would award the largest oil investment of President Hugo Chavez’s 11-year rule on Wednesday, drawing tens of billions of dollars of much-needed foreign finance [ID:nN10206857]

The bid results are to be announced around 6 p.m. local time (2230 GMT) at Miraflores presidential palace in Caracas. (Reporting by Marianna Parraga, writing by Brian Ellsworth; Editing by Carole Vaporean)

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