Petronas exits Venezuela venture

orinocoMalaysia’s oil giant Petronas is exiting one of the biggest petroleum projects in Venezuela’s Orinoco belt after disagreements with Venezuela’s state-run Petroleos de Venezuela (PDVSA), Reuters reported on September 10.

The project, called Petrocarabobo, has planned investments of about $20 billion over 25 years. When the venture was formed in 2010, Venezuela touted it as a sign that oil companies were willing to put up with demanding fiscal conditions in exchange for access to the world’s largest oil reserves.

PDVSA has 60 per cent of the project. Petronas belongs to a consortium that holds 40 per cent. Its other partners are Spain’s Repsol, India’s ONGC and two small Indian firms. Petronas itself holds an 11 per cent stake.

Petronas will not run any other projects in the OPEC-member country, according to the report. Venezuela’s Petroleum Minister Rafael Ramirez declined to address the issue.

Venezuela’s Orinoco belt extends over 55,314 square kilometers and contains 257 billion barrels of proven heavy oil reserves, according to PDVSA. The Petrocarabobo project is planned to produce 480,000 barrels a day.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Malaysia's oil giant Petronas is exiting one of the biggest petroleum projects in Venezuela's Orinoco belt after disagreements with Venezuela's state-run Petroleos de Venezuela (PDVSA), Reuters reported on September 10. The project, called Petrocarabobo, has planned investments of about $20 billion over 25 years. When the venture was formed in 2010, Venezuela touted it as a sign that oil companies were willing to put up with demanding fiscal conditions in exchange for access to the world's largest oil reserves. PDVSA has 60 per cent of the project. Petronas belongs to a consortium that holds 40 per cent. Its other partners...

orinocoMalaysia’s oil giant Petronas is exiting one of the biggest petroleum projects in Venezuela’s Orinoco belt after disagreements with Venezuela’s state-run Petroleos de Venezuela (PDVSA), Reuters reported on September 10.

The project, called Petrocarabobo, has planned investments of about $20 billion over 25 years. When the venture was formed in 2010, Venezuela touted it as a sign that oil companies were willing to put up with demanding fiscal conditions in exchange for access to the world’s largest oil reserves.

PDVSA has 60 per cent of the project. Petronas belongs to a consortium that holds 40 per cent. Its other partners are Spain’s Repsol, India’s ONGC and two small Indian firms. Petronas itself holds an 11 per cent stake.

Petronas will not run any other projects in the OPEC-member country, according to the report. Venezuela’s Petroleum Minister Rafael Ramirez declined to address the issue.

Venezuela’s Orinoco belt extends over 55,314 square kilometers and contains 257 billion barrels of proven heavy oil reserves, according to PDVSA. The Petrocarabobo project is planned to produce 480,000 barrels a day.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply