Statoil and Norsk Hydro join Orinoco

Mar 14, 1997 01:00 AM

Venezuela's Council of Ministers has approved the addition of Norway's Statoil and Norsk Hydro to a heavy oil joint-venture involving Maraven and Total.The project, which was approved by Congress in 1993, originally included Japan's Itochu and Marubeni, but these companies pulled out last year.
Maraven said in August last year it was looking for a fifth partner in the scheme.
The $ 5 bn project envisages 200,000 bpd of heavy crude production from the Zuata region of the Orinoco Oil Belt. It includes construction of a new deep conversion facility at Jose on the Caribbean coast which will export about 175,000 bpd of light sweet crude, due to come on stream in 2002.

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