The Petrocede帽o project is a mixed company formed by state-owned Petr贸leos de Venezuela (PDVSA), Total and Equinor. Petrocede帽o aims 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 is known as Zuata Sweet.
The Petrocede帽o agreement has a duration of 25 years starting in 2008, where PDVSA holds 60%, Total 30.33% and Equinor 9.67%.
As of 30 June 2017, our 9.67% ownership share in the Petrocede帽o project was reclassified from an equity accounted investment to a non-current financial investment. We have of this date stopped including production and reserves from Petrocede帽o in financial reporting.
Equinor has personnel seconded in the operations and continues to support Petrocede帽o in its technical and safety developments as well as throughout the whole Petrocede帽o value chain.
In the offshore area, we hold 51% of the exploration license for Cocuina, in Plataforma Deltana block 4. The drilling phase was completed in October 2007 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 on the Trinidad & Tobago side to agree on a Unit Operating Agreement and a Sole Operator.