Petronas confirms withdrawal from Venezuela' s Carabobo project
BY JASON NG
KUALA LUMPUR -- A unit of Petroliam Nasional Bhd. has withdrawn from the Carabobo petroleum development in Venezuela' s Orinoco region, Malaysia' s state energy company said. Petronas told Venezuela on August 27 it was withdrawing, it said in a statement.
Petronas unit PC Venezuela owned 11% of the project and partners Repsol and Oil & Natural Gas Corp. have similar stakes while two other Indian companies each own 3.5% in the project. They agreed in May 2010 to develop the project with Petroleos de Venezuela, which owns 60%.
The project is expected to produce around 400,000 bpd of extra heavy oil, half of which will be processed into light crude oil at a refinery in Anzoategui state.
Dow Jones Newswires