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Venezuela's Min: PDVSA will secure majority stakes in heavy-oil projects by the end of the year



Petroleumworld
VIENNA
Petroleumworld.com 09 12 06

Rafael Ramirez, Venezuela's Oil Minister said to the press on Monday that Venezuela's oil company PDVSA, will secure majority stakes in four heavy-oil projects located along the Orinoco river or Faja del Orinoco by the end of the year.

The four projects produce around 6500.000 barrels per day of extra heavy oil of 8-10 API and after process in oil reformers come out has 28- 30 API synthetic oil.

The projects are currently run by foreign companies ( ExxonMobil, Total, ConocoPhillips, Chevron, Statoil and BP ) with PDVSA as a minority stake holder.

"We will have a majority stake in those projects before the year is over," Ramirez said on the sidelines of an Organization of Petroleum Exporting Countries meeting here.

Petroleumworld 11 09 06

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