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English Español TotalEnergies exits Venezuela’s Petrocedeño

Equinor having also decided to transfer in parallel its participation in the company, PDVSA will own 100% of Petrocedeño.



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TotalEnergies, through its affiliate Total Venezuela, has decided to transfer its non-operated minority participation of 30.32% in Petrocedeño S.A. to Corporation Venezolana de Petróleos (CVP), an affiliate of Petróleos de Venezuela (PDVSA). Equinor having also decided to transfer in parallel its participation of 9.67% in the company, PDVSA will own 100% of Petrocedeño.

Petrocedeño S.A. is a company that produces extra-heavy crude oil from the Orinoco Belt in Venezuela, transports it and transforms it into light crude oil.

“TotalEnergies’ strategy, approved by its shareholders in May 2021, aims at focusing new oil investments on low carbon intensity projects, which does not correspond to extra-heavy oil development projects in the Orinoco Belt”, commented Arnaud Breuillac, President Exploration & Production at TotalEnergies.

The transaction is carried out for a “symbolic amount”, says Total, “in exchange of a broad indemnity in relation to the past and future participation of TotalEnergies’ in Petrocedeño”, resulting in the recognition of an exceptional capital loss of $1.38 billion in the financial statements of TotalEnergies.

In addition to its stake in Petrocedeño, TotalEnergies holds an interest of 69.50% in the Yucal Placer gas field (operated by Ypergas S.A., 30%), and in Plataforma Deltana block 4 with a 49% non-operated participating interest. In 2020, less than 0.5% of the company’s combined oil and gas production came from Venezuela.

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