TotalEnergies, Equinor exit Petrocedeño project onshore Venezuela

Petróleos de Venezuela (PdVSA) has become sole owner of Petrocedeño SA after TotalEnergies and Equinor elected to transfer participation interest in the project that aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area onshore Venezuela.

TotalEnergies, through its affiliate Total Venezuela, will transfer its non-operated minority participation of 30.32% in Petrocedeño to Corporation Venezonala de Petróleos (CVP), an affiliate of PDVSA.

The deal carried out for a symbolic amount in exchange of a broad indemnity in relation to the past and future participation of TotalEnergies’ in Petrocedeño and results in the recognition of an exceptional capital loss of $1.38 billion in the financial statements, TotalEnergies said in a July 29 statement.

Equinor completed its transfer of its 9.67% non-operated interest in the project to CVP and no longer holds interest in Petrocedeño.