ベネズエラ油田再生化事業におけるリスク [in Japanese] Various risks in the oil rehabilitation projects in Venezuela [in Japanese]
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&Teikoku Oil (Venezuela) Co., Ltd. started the oil rehabilitation project in Venezuela in 1992 under the first round of oil rehabilitation projects which Venezuela offered for foreign capital for the first time since 1976 when the Venezuelan oil industry was nationalized. One year later in 1993 we added one more project to our operations under the second round.<br>The oil rehabilitation projects comprise the oil rehabilitation projects in a narrow sense and the exploration projects. As far as the unit cost of production concerns, the oil rehabilitation projects tend to have higher cost than the exploration projects due to the issue of operational efficiency. The unit cost of production in the whole of oil rehabilitation project is determined by the proportion of production from the oil rehabilitation and exploration projects to the total production. The stipulated unit cost of production under the contract with PDVSA minus the actual unit cost of production generates our profit. In the meantime, the investment to the oil rehabilitation projects is a loan to PDVSA, which loan generates receivable interests for us, therefore, our profit stems from the receivable interest as well as the above-mentioned spread of unit cost of production.<br>Since 1992, we have experienced a lot of risks which undermined the above-mentioned profit-generating mechanism in the oil rehabilitation projects. The actual substance of the above-mentioned risks and measures taken to solve them will be discussed and investigated under this report. In particular, the risks on the foreign exchange, alteration of legal and taxation system, inflation, interpretation of contract, oil price, management of organization, friction with local community, safety & environment, and grasping the actual conditions in the block, are discussed and investigated under this report.<br>After the discussion and investigation of the above-mentioned risks, the conclusion to relieve and diminish them is introduced.
- Journal of the Japanese Association for Petroleum Technology
Journal of the Japanese Association for Petroleum Technology 66(6), 609-619, 2001-11-01
The Japanese Association for Petroleum Technology