The Petrocedeño project involves the extraction of extra-heavy crude oil from reservoirs in the Orinoco Belt. A diluting component is added in order to enable the extra-heavy crude oil to be transported by pipeline to the coast, where it is upgraded to a light, low-sulphur syncrude destined for the international market. Petrocedeño, S.A, which is owned by project partners PDVSA, Total and Statoil, operates the field and markets the products.

Statoil's share of Petrocedeño production in 2011 was 13.6 mboe per day, which is below design capacity. A recovery programme is ongoing to improve the situation.

We have been present in Venezuela since 1994 and have a long-term commitment to the country based on the participation in Petrocedeño and Venezuela's large oil reserves.