The Petrocedeño strategic association in the Orinoco Belt was formed by Total, Petróleos de Venezuela (PDVSA) and Statoil.

This strategic association, originally named Sincor, was migrated to a Mixed Company setup, under the name of Petrocedeño, where PDVSA holds 60%, Total 30.33 % and Statoil 9.67. The Petrocedeño agreement has duration of 25 years starting in 2008.

Sincor (now Petrocedeño) was conceived as a project to improve extra-heavy crude oil from the Orinoco Belt area, the greatest accumulation of such resources in the world, and transform it into syncrude of a higher quality than Brent Blend reference crude. This product, known as Zuata Sweet, has about 32° API, with very low sulphur content and no residue.

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 (30-32 API). In addition, 6,000 tones of coke and 900 tones of sulphur are produced as by-products which are sold on the world market.

Total investments for Sincor (now Petrocedeño) were of approximately USD 5 billion. The upgrading plant is designed to process about 2,530 million barrels of extra-heavy crude into some 2,250 million barrels of syncrude during its 35 years of operation.

Petrocedeño is the most advanced and largest extra-heavy crude project in Venezuela, and represents the largest single private investment in this sector.
Production Capacity:

Current plateau output is about 200,000 barrels of heavy crude per day, processed into 180,000 barrels of light crude.

Partners:
Statoil 9.67%
Total 30.33%
PDVSA 60,00%