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Article: Venezuela hands exploration licenses to Chevron, Gazprom.(Chevron Corp.)(OAO Gazprom)
- Article from:
- The Oil Daily
- Article date:
- October 6, 2005
- Author:
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Venezuela handed over exploration licenses on Tuesday to Gazprom and Chevron, the only two winners of the Rafael Urdaneta project bidding round that offered offshore natural gas blocks in the western Gulf of Venezuela.
Gazprom received two blocks, Urumaco I and Urumaco II, and Chevron will explore one area Cardon III, under 30-year licenses. The gas production will feed the domestic market and excess supplies will be exported.
Venezuela's President Hugo Chavez presented the licenses at a ceremony and announced that part of the proceeds from granting the areas will be used for creating a company that will build cheap computers in Venezuela in association ...