Twelve oil companies have formally indicated to the Venezuelan government that they intend to place bids on the Carabobo heavy oil project in the Orinoco Oil Belt, Reuters reported.

“We’re very happy with the results,” said a source close to the process, who asked not to be identified.

Among the bidding companies are the United States’ Chevron, France’s Total, Spain’s Repsol, Venezuela’s Suelopetrol and Japan’s Mitsubishi, Inpex and Jogmec.

Carabobo is one of the most ambitious energy projects promoted by President Hugo Chávez. This project is expected to produce earnings of at least $2.5 billion dollars.

Industry sources estimate that Shell and BP could compete separately, although each project requires investments of between $10 and 20 billion.

Malaysia’s Petronas and India’s ONGC negotiated in late 2009 the creation of a consortium with Repsol, although it was not confirmed yet whether both companies will bid together.

China’s National Petroleum Corporation (CNPC) and Sinopec have showed interest in participating in several consortiums to bid on the project.

Bolivarian News Agency, Embassy of the Bolivarian Republic of Venezuela in the U.S. Press and Communications Office / January 19, 2010