StatoilHydro said that it has been present in Venezuela since 1995 and has a 9.7% interest in the Petrocedeno extra heavy oil project that processes, refines, and sells upgraded crude oil.
StatoilHydro is also the operator of Block 4 in Plataforma Deltana, offshore Venezuela, where an exploratory campaign was completed.
Helge Lund, StatoilHydro’s CEO, said: With the signing of these agreements, we are confirming our long term commitment to Venezuela and interest to expand our industrial activity in this country. The signing of these agreements represents a great opportunity to StatoilHydro to support the development of the Venezuelan oil business.
