Equinor Completes Divestment of Onshore Asset in Venezuela

Source: www.gulfoilandgas.com 7/29/2021, Location: South America

Equinor and state-owned Petroleos de Venezuela (PdVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in the Petrocedeno project onshore Venezuela to Corporacion Venezolana del Petroleo (CVP), a PdVSA company. The Petrocedeno project aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area (onshore Venezuela). As a result of this transaction, Equinor will no longer hold interest in Petrocedeno.

The transaction supports Equinor’s corporate strategy to focus its portfolio on international core areas and prioritised geographies where Equinor can leverage its competitive advantages.

TotalEnergies has also decided to transfer its interest in Petrocedeño to PdVSA, making the latter its sole owner.


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