Total, PDVSA and Venezuelan Ministry of Energy & Mines finalize texts in memorandum of understanding

After issuing a decree in November 2007 creating the Mixed Company PetroCedeño, the Venezuelan authorities issued on January 10, 2008 a decree transferring Sincor’s extra-heavy oil development operations in the Orinoco Belt to the new company. Total, state-owned PDVSA and the Venezuelan Ministry of Energy and Mines finalized today the texts stipulated in June 2007 memorandum of understanding, which set out the new contractual terms and conditions governing PetroCedeño and the transferring process of Sincor into this company. Under the terms of the final agreements, Total, which had held a 47% interest in Sincor, will have a 30.323% interest in PetroCedeño alongside PDVSA (60%) and Statoil (9.677%)."