Field development and production in Venezuela
StatoilHydro has a long-term perspective on its presence in Venezuela, and it has a 9.677% interest in the Petrocedeño project.
The Petrocedeño project involves the exploitation of extra heavy crude oil from the reservoirs in the Orinoco Belt.
A diluting component is added in order for the extra heavy oil to be transported by pipeline to the coast, where it is upgraded to a light, low-sulphur syncrude destined for the international market. Petrocedeño, S.A., owned by the project partners, operates the field and is responsible for the development, operation, upgrading and marketing of its products.
In 2008, the Sincor project was transformed into an incorporated joint venture named Petrocedeño, S.A., which became operational from 9 February 2008. Our share was reduced from 15% in Sincor to 9.677% in Petrocedeño.
A major maintenance turnaround was carried out in the early part of 2008. The maintenance tasks were performed as planned, although some of the important modification projects were postponed to 2009. During the turnaround, a much higher volume of extra heavy oil was produced than originally planned and marketed as diluted crude oil.
