Total said that the agreements call for appraising the block’s extra-heavy crude oil reserves and examining a project to produce extra-heavy oil. Covering nearly 600 square kilometers, the Junin 10 block is located in the Orinoco Belt, south and west of the area developed by Sincor.
Total said that the two agreements illustrate the firms’ commitment to maintain their cooperation over the long term, especially to develop the Orinoco Belt’s significant reserves of extra-heavy crude oil.
Total is present in Venezuela through Sincor, which started in 2000 and has a production and conversion capacity of more than 200,000 barrels per day of extra-heavy crude oil into high quality light synthetic crude. Sincor is being transformed into a mixed company called PetroCedeno, in which Total will hold a 30.32% stake.
