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PDVSA: Venezuela to expand Orinoco faja extra heavy oil project
Petroleumworld
CARACAS
Petroleumworld.com 04 27 06
Venezuela's state oil company PDVSA is seeking partners that would like to form joint ventures to extracting heavy crude in the Orinoco faja belt, Eulogio Del Pino, a director of PDVSA, told the Venezuelan newspaper El Universal in an interview published Saturday.Eulogio Del Pino, a director of PDVSA, also told the Venezuelan newspaper that the company would like four heavy oil upgrading projects in the eastern Orinoco River basin "to migrate to joint venture companies." The move would bring the state company to have a larger and majority financial stake in all the heavy oil projects.
Venezuela recently converted 32 other privately operated oil fields into "joint venture companies" in which PDVSA holds majority stakes due to a recent new hydrocarbons law requiring a majority government stake in all oil production projects
At present, ExxonMobil, Chevron, ConocoPhillips, and Total are operating four upgrading projects that jointly produce about 600,000 barrels a day of synthetic crude. Norway's and BP also have minority stake in some of the projects.
Venezuela is the world's fifth largest oil exporter and a major supplier to the United States.
Petroleumworld 04 27 06
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