Overhaul: planned for the Sincor heavy fuel upgrader in Venezuela
Orinoco talks over 'in weeks'
Venezuela expects in the "coming weeks" to complete talks with US supermajors ExxonMobil and ConocoPhillips on the takeover of their Orinoco Belt assets, PDVSA director Eulogio del Pino said today.
"I think we should have a result in the coming weeks," Reuters reported Del Pino as saying.
The two energy giants quit the Opec nation in June after failing to reach an agreement over the government takeover of heavy crude upgrading projects.
ConocoPhillips took a $4.5 billion second quarter charge for its stake in the Petrozuata and Ameriven heavy oil projects, while ExxonMobil said it valued its stake in the Cerro Negro project at $750 million.
Del Pino added that Sincor, a joint venture between PDVSA, France's Total and Norway's Statoil, would carry out major maintenance in 2008.
"In Sincor, there is a major maintenance planned for next year," Del Pino said, without offering details on the timing of the maintenance.
Sincor has heavy crude production capacity of 200,000 barrels per day and upgraded synthetic crude capacity of 180,000 bpd.
Total and Statoil negotiated an agreement to reduce their shares in Sincor and stay on as minority partners.