The Petrocedeño heavy oil project is a strategic association, originally named Sincor, formed by state-owned Petróleos de Venezuela (PDVSA), Total and Statoil. Petrocedeño initially aimed to improve the recovery of extra-heavy crude oil from the Orinoco Belt area and transform it into a higher quality syncrude than the 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 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 tons of coke and 900 tons of sulphur are produced as by-products and sold on the world market.
In addition to our partners’ work to enhance production quantity and quality, we are continuously developing concepts and technologies to access and recover extra-heavy oil from more challenging reservoirs in a manner that is consistent with our focus on sustainable development.
In the offshore area, we hold 51% of the exploration licence for Cocuina, in Plataforma Deltana block 4. The drilling phase was completed in October 2007 and an End of Evaluation Report was approved by the authorities in August 2009, after which the authorities from Venezuela and Trinidad & Tobago entered in a process of unitisation for the Cocuina-Manakin reservoir. In February 2015, a Unitisation Agreement was executed by the two governments and currently, we are in dialogue with the operator of the field in Trinidad & Tobago side to agree on a Sole Operator Agreement.