A settlement has been reached with the Venezuelan state oil company Petróleos de Venezuela SA (PdVSA) for Statoil's 27 per cent share in the LL 652 oil field in Lake Maracaibo.
The agreement with PdVSA means that Statoil will no longer have a holding in this field.
"I'm pleased that we have found a solution for LL 652 which is acceptable to both Statoil and PdVSA," comments Thore Kristiansen, country president for Statoil Venezuela.
Statoil is operator for block 4 of Plataforma Deltana and also has an interest in Sincor, the most successful heavy crude project in Venezuela.
Mr Kristiansen emphasised that Statoil will continue its commitment to investment in Venezuela, and that the group is looking forward to evaluating new
opportunities.