Equinor, TotalEnergies Transfer Stake in Venezuela's Petrocedeno Project to Petroleos de Venezuela
July 29 2021 - 4:01AM
Dow Jones News
By Dominic Chopping
Norwegian energy major Equinor ASA said Thursday it has
completed the transfer of its 9.67% stake in the Petrocedeno
project onshore Venezuela to Corporacion Venezolana del Petroleo, a
subsidiary of Venezuelan state-owned oil and natural gas company
Petroleos de Venezuela.
Equinor didn't disclose financial details, but said the deal
supports its strategy of focusing on international core areas and
prioritized geographies where it can leverage competitive
advantages.
As a result of the deal, Equinor will no longer hold an interest
in Petrocedeno.
French oil and gas company TotalEnergies also said it has
decided to transfer its 30.32% interest in Petrocedeno to
Corporacion Venezolana del Petroleo.
TotalEnergies said it has recognized a $1.38 billion exceptional
capital loss as a result of the deal.
The Petrocedeno project aims to upgrade extra-heavy crude oil
into lighter crude from the onshore Venezuelan Orinoco Belt
area.
Petroleos de Venezuela now owns 100% of Petrocedeno.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 29, 2021 04:01 ET (08:01 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
TotalEnergies (EU:TTE)
Historical Stock Chart
From Aug 2024 to Sep 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From Sep 2023 to Sep 2024