Manufacturing Industry
VENEZUELA: Development plans for proposed $1,000,000,000 offshore oil field or heavy oil projects, OAO LUKOIL [Russia] - Order #: 013805.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, January, 2005
PROJECT OVERVIEW:
Venezuela, the Organization of Petroleum Exporting Countries (OPEC's) third-largest oil producer after Saudi Arabia and Iran, is counting on foreign companies to fund new investments. As a result, the country invited Russian oil companies to develop its recently discovered large-scale Tomoporo oil field, located near Lake Maracaibo.
It is thus that OAO LUKOIL, Russia's biggest oil producer that currently produces about two-thirds as much crude as Venezuela, now wants to diversify its production base from western Siberia. The company, for that matter, may reportedly invest up to $1,000,000,000 to develop oil fields in Venezuela. Two options are presently said to be under consideration: offshore fields and heavy oil.
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