Petronas confirms withdrawal from Venezuela's Carabobo project

9/11/2013

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 has withdrawn from the Carabobo petroleum development in Venezuela's Orinoco region, Malaysia's state energy company said.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

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