Further Delays Likely in Venezuela's Heavy Oil Licensing Round

摘要

Venezuela may further postpone the Jan. 28 deadline for presenting bids in the Carabobo heavy oil round, sources told International Oil Daily Monday. The licensing round, originally scheduled for April 2009, was postponed several times last year, as companies rejected what they considered the government's unfavorable fiscal terms. In November, the government made a concession to companies, presenting friendlier terms, including lower royalties and reduced up-front cash payments (IOD Dec.3,p2).