The Russian-controlled company has a 16.7% stake in the Petromonagas heavy crude venture, known formerly as Cerro Negro, until taken over by the Venezuelan government in 2007.
Petromonagas, upgrades about 120,000 barrels a day of heavy crude. ExxonMobil is still pursuing billions of dollars of compensation through arbitration proceedings against the state-controlled oil company PDVSA.
TNK-BP has stakes in four joint venture projects with PDVSA, accounting for net production of just 25,000 barrels per day.
However,
