Total to get $834 mln Venezuela oil compensation

PARIS Fri Feb 8, 2008 11:47am EST

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PARIS Feb 8 (Reuters) - French oil and gas giant Total (TOTF.PA) said on Friday it would receive $834 million in crude oil shipments to compensate for its stake in Venezuela's Sincor.

"Total will receive $834 million in oil shipments for the transfer of the 16.67 percent interest to state-owned PDVSA," a Total spokeswoman told Reuters.

After issuing a decree last November creating the mixed company Petro Cedeno, the Venezuelan authorities issued on Jan. 10 a decree transferring Sincor's extra-heavy oil development operations in the Orinocco Belt to the new company Petro Cedeno.

"Under the terms of the final agreement, Total, which had held 47 percent in Sincor, will have a 30.32 percent interest in Petro Cedeno alonside PDVSA (60 percent) and Statoil (9.6 percent). (Reporting by Muriel Boselli)

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