UPDATE 1-Venezuela receives two bids for Carabobo oil-Chavez

* Chavez confirms two bids for Carabobo blocks

* Official results of auction to be presented Feb 10
(Adds Chavez comment, background)

CARACAS, Jan 29 (BestGrowthStock) – Venezuela received two bids in
the Carabobo auction of three projects in its vast Orinoco
heavy crude belt, President Hugo Chavez said on Friday.

“Yesterday in fact, two offers were received, two were
received for three projects,” Chavez said during a speech to
students. “A group of companies from different parts of the
world, from India to China, Europe etc.”

The Carabobo auction presents global oil giants with a
major opportunity to gain access to what the U.S. Geological
Survey recently called one of the world’s largest reserves of
crude oil.

Official results of the auction will be presented on Feb
10. Sources say Venezuela received bids for all three projects
from companies including majors Chevron (CVX.N: ) and Repsol
(REP.MC: ) along with national oil companies such as India’s ONGC
(ONGC.BO: ) and Malaysia’s Petronas (PETR.KL: ). [ID:nN28120832]

Those sources said other strategic partners including
China’s CNPC and Russian firms such as Lukoil (LKOH.MM: ) and
Gazprom (GAZP.MM: ) did not present bids.

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(Reporting by Brian Ellsworth; Writing by Frank Jack
Daniel; Editing by David Gregorio)

UPDATE 1-Venezuela receives two bids for Carabobo oil-Chavez