The bidding process is reopened until June, the bidding companies are to explore oil in new areas around the Orinoco Belt in southern Venezuela
The New York Times reported that among the bidding companies are Chevron Corp., Royal Dutch Shell PLC and France's Total S.A.
Under bidding rules, financing for any new projects is borne by foreign companies, according to the newspaper.
There is an estimated 235 billion barrels of recoverable oil, requiring more than $20 billion in investment to produce a combined 1.2 million barrels a day.
Nineteen companies paid $2 million each last month - twice what it costs elsewhere - for data on areas open for exploration in the country, the newspaper reported.
Venezuela's energy minister Rafael Ramirez, who also is president of state-run Petroleos de Venezuela S.A., didn't respond to requests for any interviews.
Author:
Ksenia Kochneva
