Statoil says Venezuelan oil deal satisfactory

OSLO, June 27 (Reuters) - Norwegian energy group Statoil (STL.OL) said late on Tuesday it had signed a Memorandum of Understanding (MoU) to cut its stake in Venezuela's Sincor oil project as part of a nationalisation deal.

Statoil said in a statement it was satisfied with the outcome of the negotiations and that it would cut its stake in the project to about 10 percent from 15 percent, which is in line with market expectations.

"Statoil has agreed with the Venezuelan authorities compensation terms and governance conditions that make it possible for Statoil to continue as a partner on this successful Extra Heavy Oil Project," the firm said.

"The compensation has been based on negotiations of the project's future value."

It said the agreement signed was part of a three-phase process and that there were still important issues to work out with Venezuela.

BP Plc (BP.L), Chevron Corp. (CVX.N) and Total (TOTF.PA) have also signed deals to stay in Venezuela, taking minority stakes in the Orinoco projects, but U.S. oil giants ConocoPhillips (COP.N) and ExxonMobil Corp. (XOM.N) left the projects.

The four Orinoco projects are valued at more than $30 billion and can produce 600,000 barrels per day. President Hugo Chavez had pledged to take control of the Orinoco projects as part of his plans to build a socialist republic.