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ExxonMobil in talks with Venezuela over Cerro Negro project
Petroleumworld
Puerto La Cruz
Petroleumworld.com 01 31 06
ExxonMobil corp. said in a press release on Monday that has begun talks with Venezuela's Government on negotiating the controlling stake in Venezuela's extra heavy oil orinoco faja's Cerro Negro strategic association.
"ExxonMobil Cerro Negro confirms it is in discussions with the ministry of energy and oil regarding the migration to a mixed enterprise and reiterates it remains open to resolving the issue amicably," the statement said.On reports Tuesday, that Operations at Cerro Negro's 120,000 b/d upgrading plant in eastern Venezuela were having problems over the nationalization issue with the labor's unions, the company spokesperson in Venezuela was unreachable for comments.
Cerro Negro is one of four Orinoco heavy crude upgrade projects President Hugo Chávez pledged to nationalize early January.
At present, PDVSA and Exxon Mobil both hold 41.67% of Cerro Negro and BP (NYSE: BP) has the other 16.67%.The four projects SINCOR, Petrozuata, Hamaca (Ameriven), Cerro Negro have capacity to produce 620,000b/d oil but, according to the International Energy Agency are churning out less than 600,000b/d.
The other foreign partners in the Orinoco projects are ConocoPhillips, Chevron, Norway's Statoil, and Total.
Petroleumworld.com reported on Wednesday that SINCOR is in finishing negotiations this week with Venezuela's government to release 60% stake on the SINCOR. The stockholders of the SINCOR project, are TOTAL, STATOIL and PDVSA.
Petroleumworld 31 01 07
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