Statoil has a long-term perspective on its presence in Venezuela. We have been present in the country since late 1994, and have invested more than USD 1 billion. Our commitment is for the long run.

We hold a 9.67 % interest in Petrocedeño (former Sincor), which is the largest and most advanced extra-heavy crude projects in Venezuela.

The project’s upgrading plant is located at Jose Complex located in eastern Venezuela. On a daily basis, the design capacity is close to 200,000 extra-heavy oil barrels, which give approximately 180,000 barrels of high-quality syncrude. In addition, 6,000 tones of coke and 900 tones of sulphur are produced as by-products which are sold on the world market.

In the offshore area, following the completion of the drilling phase in the Statoil operated Block 4 in Plataforma Deltana, the Cocuina discovery was withheld by the partners. An End of Evaluation Report was approved by the authorities in August 2009. The main conclusion is that an unitisation between Cocuina and Manakin (Trinidad and Tobago) is necessary before further technical work can be done. Statoil is providing technical assistance to the Ministry of Petroleum and Energy in the unitisation process.

Aside from these activities we are pursuing new business opportunities within extra-heavy oil and within gas value chains. We are focused on further growth in Venezuela and a further expansion of Statoil business in the country fits very well with our company’s focus area.

Social responsibility
Along with the development of our core business, we have also developed in Venezuela a comprehensive portfolio of Social Responsibility Projects in the areas of education, environment, HIV-Aids prevention, local community development and technology transfer.