The Petrocedeño project aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area.

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Equinor completes divestment of onshore asset in Venezuela. (Credit: jplenio from Pixabay)

Equinor and state-owned Petróleos de Venezuela (PdVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in the Petrocedeño project onshore Venezuela to Corporación Venezolana del Petróleo (CVP), a PdVSA company.

The Petrocedeño project aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area (onshore Venezuela). As a result of this transaction, Equinor will no longer hold interest in Petrocedeño.

The transaction supports Equinor’s corporate strategy to focus its portfolio on international core areas and prioritised geographies where Equinor can leverage its competitive advantages.

TotalEnergies has also decided to transfer its interest in Petrocedeño to PdVSA, making the latter its sole owner.

Source: Company Press Release