The Petrocedeño project is a mixed company formed by state-owned Petróleos de Venezuela (PDVSA), Total and Statoil. Petrocedeño aims to improve the recovery of extra-heavy crude oil from the Orinoco Belt area and transform it into a higher quality syncrude than the Brent Blend reference crude. This product is known as Zuata Sweet.
The Petrocedeño agreement has a duration of 25 years starting in 2008, where PDVSA holds 60%, Total 30.33% and Statoil 9.67%.
As of 30 June 2017, Statoil’s 9.67% ownership share in the Petrocedeño project was reclassified from an equity accounted investment to a non-current financial investment. Statoil has of this date stopped including production and reserves from Petrocedeño in financial reporting.
Statoil has personnel seconded in the operations and continues to support Petrocedeño in its technical and safety developments as well as throughout the whole Petrocedeño value chain.
In the offshore area, we hold 51% of the exploration license for Cocuina, in Plataforma Deltana block 4. The drilling phase was completed in October 2007 after which the authorities from Venezuela and Trinidad & Tobago entered in a process of unitisation for the Cocuina-Manakin reservoir. In February 2015, a Unitisation Agreement was executed by the two governments and currently, we are in dialogue with the operator of the field on the Trinidad & Tobago side to agree on a Unit Operating Agreement and a Sole Operator.