Caracas Keen to Accentuate the Positive

Summary
After all the delays and prevarications, Venezuela's Carabobo licensing round scarcely seemed worth the wait. On the plus side, there were bids for all three projects on offer, which could ultimately provide a total of $5.5 billion in signature bonuses to the government and loans to state Petroleos de Venezuela . But those bids came from just two consortiums, indicating that despite negotiations with likely bidders and multiple revisions, the tender's fiscal terms were not attractive enough.

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