PDVSA refinances oil debt

By Upstream staff

Venezuela’s state oil company PDVSA refinanced $1.4 billion in older debt in the heavy oil venture formerly known as Sincor, Reuters reported.

The oil project in the Orinoco wilderness is controlled by PDVSA and includes Total and Norway's StatoilHyrdro.

PDVSA refinanced the debt after it won a legal battle in the UK to lift a freeze on some of its global assets, Reuters reported. A freeze remains in place for some assets.

The freeze was the result of a petition from ExxonMobil, which is seeking compensation for the equity it lost in a separate extra-heavy oil venture there.

PDVSA renamed Sincor Petrocedeno after President Hugo Chavez ordered PDVSA to take control of the venture in a 2007.