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More to offer: Venezuela now says it will offer three blocks instead of one on the Orino heavy oil belt

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Venezuela to bid three Orinoco blocks

Venezuela will hold bidding rounds open to private companies for three blocks of the Orinoco heavy oil belt, Venezuelan state oil giant PDVSA said in a statement.

Venezuelan Energy Minister Rafael Ramirez earlier this year said the government would bid out one block in the vast heavy oil reserve, following President Hugo Chavez's 2007 broad energy sector nationalisation campaign.

"Soon there will be an announcement of the time frame to offer private, national and international companies three blocks in the Orinoco heavy crude belt, specifically (blocks) Carabobo I, Carabobo II and Carabobo III," said the statement according to Reuters.

Venezuelan law requires that PDVSA hold a majority stake in all upstream oil venture.

Brazilian energy giant Petrobras said it could take a 10% stake in Carabobo I after having earlier discussed a possible 40% share.

The Orinoco belt currently produces around 600,000 barrels per day of tar-like oil, most of which is upgraded into lighter synthetic oil at four facilities.

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