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American oil companies out. Italian oil company in. January 28, 2010

Posted by hslu in 5584.
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PDVSA, the national oil company of Venezuela, just signed a contract with Eni, an Italian oil company partly owned by Italian government.

The contact, signed in the presence of Chávez, allows Eni to work with PDVSA to develop a heavy oil block in the Orinoco Belt heavy oil field.

Sorry, ExxonMobil, ChevronTexaco and ConocoPhillips. The America companies are not allowed.

The estimated heavy oil resource in the Orinoco Belt is 1.3 trillion barrels; the largest heavy oil filed in the world. With new and current technology, Venezuela has more recoverable oil than what Saudi Arabia has.

Heavy oil is less valuable than Saudi light. No doubt about it. But, after most of the light oil is gone, whom do you (America) ask for more gas? Ghostbusters?

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