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Total received from Venezuela's 18,000 b/d of crude oil in part payment for stake on SINCOR project
HOUSTON
Petroleumworld.com, May 9, 2008Total oil company received 18,000 b/d of oil from Venezuela's government in the first quarter in part compensation for its 17% stake in the Sincor project, now PetroCedeño, Total CFO Robert Castaigne told a conference call.
Total agree to past on to Venezuela's oil company PDVSA the 17% to PDVSA last year as part of Venezuela's joint venture strategies for foreign oil companies.
Total had a 47% stake in the Sincor heavy crude Syncrude project. Total now holds a 30.3% stake in the new Joint Venture, PDVSA has 60% and Norway's StatoilHydro 9.7%.
Total expects to receive the more compensation deliveries throughout 2008 and into 2009, the CFO said.
Total 47% previous stake in Sincor is worth by analysts around US$834mn.
The net effect of the nationalization on Total's balance sheet was neutral because of the compensation, Castaigne said.
SINCOR production was steady at 217,000 boe/d in the first quarter of 2008, up 5% from the 206,000 boe/d reported in 1Q07.
The company reported production of 244,000boe/d in 4Q07.
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