Orinoco flow: for Total and PDVSA
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Total signs on Orinoco dotted line
France's Total has sealed two joint study agreements covering the Junin 10 Block, in the Orinoco Belt, with Venezuela's state-run PDVSA.
The studies will see the pair appraise the block's extra-heavy crude reserves and look into a project to produce extra-heavy oil, Total said.
Junin 10 covers almost 600 square kilometres to the south-west of the Sincor project. Sincor's operations are being taken over by PetroCedeno, a mixed company.
The joint study agreements were signed by Total boss Christophe de Margerie and Venezuela's Oil MInister and PDVSA chief Rafael Ramirez.