January 26, 2007 / 9:06 PM / 10 years ago

FACTBOX-Venezuela OPEC cuts on Orinoco heavy oil projects

2 Min Read

 Jan 26 (Reuters) - Venezuela's energy ministry has ordered four heavy crude upgrading projects operating in the nation's Orinoco belt to cut production in line with its 138,000 barrel per day (bpd) OPEC cut agreed in October.
 Venezuela has ordered a total of 106,000 bpd in cuts from the four projects, Cerro Negro (Exxon Mobil (XOM.N) 41.67 pct, BP (BP.L), 16.66 pct, PDVSA 41.67 pct), Petrozuata (Conoco Phillips (COP.N), 50.1 pct, PDVSA 49.9 pct), Hamaca (Conoco Phillips 40 pct, Chevron (CVX.N) 30 pct, PDVSA 30 pct) and Sincor (Total (TOTF.PA) 47 pct, Statoil (STL.OL) 15 pct, PDVSA 38 pct).
 The projects turn tar-like Orinoco crude into lighter synthetic oil. The output cuts, which apply to the upgraded synthetic crude, and production capacities are as follows: PROJECT        CUT (bpd)          SYNCRUDE CAPACITY (bpd) Cerro Negro    36,000             108,000 Petrozuata     20,000             120,000 Hamaca         27,000             181,000 Sincor         23,000             200,000
    Total   106,000            609,000
 Venezuela has said it wants all of its OPEC cuts to come from the Orinoco Belt, but has not clarified where the remaining 32,000 bpd will come from.
 Venezuela has also agreed to cut an additional 57,000 bpd as of Feb. 1 as part of the OPEC cut agreed upon in the December meeting. Authorities have not provided details on where these cuts would come from.
 PDVSA is seeking a majority stake in all four projects. PDVSA has its own production of heavy crude in the Orinoco belt that is not related to the Orinoco projects.    

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