Venezuela: TotalEnergies exits from Petrocedeño
07/29/2021
News
Paris, July 29, 2021 – TotalEnergies, through its affiliate Total Venezuela, has decided to transfer its non-operated minority participation of 30.32% in Petrocedeño S.A. to Corporation Venezonala de Petróleos (CVP), an affiliate of Petróleos de Venezuela (PDVSA). Equinor having also decided to transfer in parallel its participation of 9.67% in the company, PDVSA will own 100% of Petrocedeño.
Petrocedeño S.A. is a company that produces extra-heavy crude oil from the Orinoco Belt in Venezuela, transports it and transforms it into light crude oil.
“TotalEnergies’ strategy, approved by its shareholders in May 2021, aims at focusing new oil investments on low carbon intensity projects, which does not correspond to extra-heavy oil development projects in the Orinoco Belt”,