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Venezuela's PDVSA, Total and Statoil on the eve of making a deal on SINCOR extra heavy oil project
By Elio Ohep
Petroleumworld
Puerto La Cruz
Petroleumworld.com 01 31 06Venezuela's oil company PDVSA will get 60% stake on the SINCOR Orinoco strategic extra heavy oil association in a deal that could be sealed this week by the stockholders of the SINCOR project, TOTAL, STATOIL and PDVSA, a source told Petroleumworld.
At present Sincor is owned 47% by a TOTAL , 38% by a PDVSA and 15% by a Statoil. According to our sources, under the new agreement is probably that PDVSA will own 60%, Total 32% and Statoil 8% of the SINCOR joint venture.
Sincor company spokesperson in Caracas was unreachable for comments.
The end of the negotiations come just before the Venezuelan government is to pass an emergency legislation to nationalized the Orinoco Faja (belt) extra heavy oil strategic associations, located in the Faja basin of near the Orinoco river and their up graders located in the Jose oil complex near Puerto la Cruz, in North Eastern Venezuela.
Venezuela's oil minister told news reporters two weeks ago that the government will no longer negotiate with the majority stockholders of the four extra heavy crude fields.
The agreement with SINCOR makes inroads for the other Orinoco strategic associations companies; Cerro Negro, Petrozuata and Hamaca (Ameriven) to negotiate an agreement before the Venezuela's government seize the majority control of those operations, under the new legislation to be pass in the coming weeks.
Petrozuata is owned 50.1% by a ConocoPhillips and 49.9% by a PDVSA, Cerro Negro is owned 41.67% by an ExxonMobil , 41.67% by a PDVSA and 16.67% by a BP subsidiary. Hamaca is owned 40% by a ConocoPhillips 30% by a ChevronTexaco and 30% by a PDVSA.
The Venezuelan government has already taken majority ownership of Venezuelan oil-producing operations under a scheme of joint venture partnership with a Venezuela oil company PDVSA, holding a majority controlling stake in each new JV company.The four projects are worth an estimated of $33 billion and sit over a reserve believed to hold up to 235 billion barrels of extra heavy oil.
Venezuela's is the fifth largest exporter of crude oil in the world and exports 1.5 million barrels per day of oil to the U.S., and is a member of the OPEC organization.
Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 01 31 07
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