Equinor and state-owned Petróleos de Venezuela (PdVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in the Petrocedeño project onshore Venezuela to Corporación Venezolana del Petróleo (CVP), a PdVSA company.
The Petrocedeño project aims to upgrade extra-heavy crude oil into lighter crude from the Orinoco Belt area (onshore Venezuela). As a result of this transaction, Equinor will no longer hold interest in Petrocedeño.
The transaction supports Equinor’s corporate strategy to focus its portfolio on international core areas and prioritised geographies where Equinor can leverage its competitive advantages.
TotalEnergies has also decided to transfer its interest in Petrocedeño to PdVSA, making the latter its sole owner.
ADNOC announced in May that it will advance a world-scale blue ammonia production facility at the TA’ZIZ industrial ecosystem in Ruwais, Abu Dhabi. The design contract for this project has already been awarded, with a final investment decision for the project expected in 2022, and start-up targeted for 2025. The facility’s capacity will be 1 million tons per annum. In June, Fertiglobe entered an agreement to join the project, subject to regulatory approvals.
The company continues to engage with customers and partners to unlock new opportunities for blue hydrogen and hydrogen carrier fuels.