Silly faces in Venezuela

News from the Venezuelan oil sector is that the nationalization and expropriation continues unabated, as the demonic despot Chávez kicks out even more gringos from his precious oil patch.

Wait a minute....that's not right. Darnit Oppy, in fact it's the other way round! Venezuela today opened the tendering process for international oil companies in three new blocks of the Orinoco "faja petrolifera" (petroleum band), namely blocks Carabobo 1, Carabobo 2 and Carabobo 3.*

Even though Exxon Mobil (XOM) is unlikely to put in a bid (stifles giggles again), expect the competition to be fierce for the rights to (probably) go into a 40/60 JV with state company PdVSA for the so-called "extra heavy crude". And if you've ever wondered what that means, here's a bucket of the stuff removed from under Venezuela recently.

"Milk and sugar with that, sir?"

Now you know why it needs special treatment before you can put it in your Prius, dude.

*Literally translated, "Carabobo" comes out as "silly face", which explains the title line, dudes. Really it's the name of an historic battle back in the San Martin/Simon Bolivar days, and you'll find the word smattered all across South America.