PdVSA Extends Deadline on E&P Licensing Round

Venezuela's government has extended the bidding deadline for its Delta Caribe round of four offshore natural gas E&P licences. Energy and oil minister Rafael Ramirez, who also serves as president of state oil company Petróleos de Venezuela (PdVSA), said that the extension was requested by some of the 13 companies that have bought bidding rules for the round. Venezuela has 4,320bcm of proven natural gas reserves. Exploration activity is variable thanks to recent changes in licensing terms, although the national oil and gas industry has raised investment levels. Substantial international oil company (IOC) involvement in the upstream oil and gas

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