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Venezuelan oil company receives interest in key crude project
By E.C.V. & ASOCIADOS
Norway’s Equinor and state-owned Petróleos de Venezuela (PdVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in the Petrocedeño project onshore Venezuela to Corporación Venezolana del Petróleo (CVP), a PdVSA company.The Petrocedeño project aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area (onshore Venezuela). It is a key asset as it includes the Juni oil field in the Orinoco Belt and an upgrader that blends extra-heavy crude oil into lighter crude. It has a production capacity of 202,000 b/d.
The Orinoco Belt, the main oil production area in Venezuela, is a huge reserve of extra heavy crudes with high acidity and heavy metal content. It is estimated to contain 220 billion barrels of crude.
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