Three days, three countries, three bilateral oil deals.

While Venezuela may have been forced this week to postpone an important oil block auction that's open to U.S. and other foreign oil companies, that hasn't stopped it from making or reaffirming direct oil deals with friendly countries - Russia on Monday, Japan Tuesday and Spain Wednesday.

The agreements, in which Venezuela's oil company Petroleos de Venezuela, or PdVSA, would drill for heavy and extra-heavy crude alongside firms from those three nations, make it clear the cash-strapped state oil firm doesn't want to look desperate as it fields offers and negotiates contract terms on the highly promising Carabobo block bidding.

But while Russia, Japan and Spain were clearly excited as they took a gander at Venezuela's massive oil reserves, it remains to be seen just how committed those countries are to laying down the needed cash, given the uncertain future of oil prices.

Furthermore, the projects themselves would come at a huge expense, as they require turning the tar-like crude in Venezuela's Orinoco region into lighter oil that's easier to sell.

"These agreements are only memoranda of understanding that do not oblige [Russia, Japan or Spain] to put down any immediate money," said Patrick Esteruelas, an analyst with New York-based Eurasia Group, a political risk consulting firm.

He added that, amid delays in the Carabobo project, where seven blocks in the Orinoco belt are up for bidding, Venezuela "had no other option but to advance parallel side agreements with countries that are diplomatic allies."

The signing of the deals naturally came with all the pomp and circumstance that usually accompanies occasions involving leftist President Hugo Chavez. After spending years nationalizing huge parts of the oil industry in a move toward socialism, and stripping the assets of U.S. firms and those closely allied with "the empire," Chavez is now courting other countries with offers of oil riches.

Top officials and directors of oil companies from Russia, Spain and Japan all made the long trip to Venezuela this week. Russian Deputy Premier Igor Sechin donned a socialist-red construction worker's helmet Monday as he stood in front of oil wells that used to be operated by Houston-based ConocoPhillips (COP) before they were nationalized.

"We look forward to more agreements with Venezuela," said Sechin, speaking to journalists in Spanish.

Meanwhile, foreign oil companies interested in the Carabobo bidding, which have so far said no to what many say are excessive demands by PdVSA, are unlikely to be swayed by this week's bilateral handshakes.

Even if these deals were to be followed through, it could be years before they start making money for Venezuela and PdVSA.

For example, in the case of PdVSA's agreement with Spain's Repsol YPF (REP), Venezuelan Oil Minister Rafael Ramirez said the studies on the Junin 7 block could be finished this year. But then, in 2010, the two countries would have to formally create a joint-venture company, and only two years after that could production begin, he said.

As such, companies like Chevron Corp. (CVX) and Royal Dutch Shell (RDSB.LN) are likely to hold out a while longer on the expectations that PdVSA will lower its demands on Carabobo. PdVSA has been asking for up to $1 billion as an upfront payment, on top of the $18 billion to $20 billion the companies would have to pay in overall investment.

Another point of contention is whether arbitration would be established in the contracts, in case there are any disputes down the line. PdVSA says agreeing to it would undermine Venezuela's sovereignty.

Still, oil companies are in the business of chasing reserves, and Venezuela has plenty, some 99 billion barrels in proven reserves. That means it's relatively risk-free geologically speaking, if not politically.

As such, some observers say it might not be too long before companies interested in the Carabobo project reach a middle ground with PdVSA.

-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738; dan.molinski@dowjones.com

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