Petronas Exits Carabobo Project in Venezuela

(Energy Analytics Institute, Ian Silverman, 11.Sep.2013) – Malaysia’s Petronas will exit the Petrocarabobo project in Venezuela’s Orinoco Heavy Oil Belt or Faja, according to Venezuela’s Oil Minister Rafael Ramirez.

The Petrocarabobo project, which requires an investment of $20 bln, will last for 25 years and includes construction of a 200,000 b/d upgrader.

PDVSA holds a 60% interest in the project while a consortium of companies holds the remaining 40% interest and is comprised of Repsol Exploración, S.A. (WI 11%); Petronas (WI 11%); ONGC Videsh Ltd. or OVL (WI 11%); and Oil Indian Ltd. or OIL (WI 3.5%) and Indian Oil Corporation Ltd. or IOC (WI 3.5%).

PDVSA President Rafael Ramirez said Repsol and ONGC had expressed interest in assuming Petronas’ 11% interest, without providing more details about the matter.

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