StatoilHydro has a 9,67% interest in Petrocedeño, the most successful extra-heavy crude project in Venezuela.
The Petrocedeño strategic association in the Orinoco Belt was formed by Total, Petróleos de Venezuela (PDVSA) and StatoilHydro.
This strategic association will run for 35 years from the first commercial lifting of synthetic crude (syncrude) in March 2002. This association is undergoing a migration process accordingly to the Venezuelan Organic Hydrocarbon Law.
Petrocedeño was conceived as a project to improve extra-heavy crude oil from the Orinoco Belt area, the greatest accumulation of such resources in the world, and transform it into syncrude of a higher quality than Brent Blend reference crude.
The project’s upgrading plant is located at Jose Complex located eastern Venezuela. On a daily basis, it upgrades average of 200,000 extra-heavy oil barrels into about 180,000 barrels of high-quality syncrude, known as Zuata Sweet which has about 32 API, 6,000 tonnes of coke and 900 tonnes of sulphur.
Petrocedeño total investments are about USD 5 billion. During its 35 years of operation, the upgrading plant is expected to process about 2,530 million barrels of extra-heavy crude into some 2,250 million barrels of syncrude.
Petrocedeño is the most successful extra-heavy crude project in Venezuela producing and represents the largest single private investment in this sector. The joint operatorship employs roughly 700 people in developing its activities.
Production:
Current plateau output is about 200,000 barrels of heavy crude per day, processed into 180,000 barrels of light crude.
Partners:
StatoilHydro 9,67%
Total 30,33%
PDVSA 60,00%
