By Dominic Chopping

Norwegian energy major Equinor ASA said Thursday it has completed the transfer of its 9.67% stake in the Petrocedeno project onshore Venezuela to Corporacion Venezolana del Petroleo, a subsidiary of Venezuelan state-owned oil and natural gas company Petroleos de Venezuela.

Equinor didn't disclose financial details, but said the deal supports its strategy of focusing on international core areas and prioritized geographies where it can leverage competitive advantages.

As a result of the deal, Equinor will no longer hold an interest in Petrocedeno.

French oil and gas company TotalEnergies also said it has decided to transfer its 30.32% interest in Petrocedeno to Corporacion Venezolana del Petroleo.

TotalEnergies said it has recognized a $1.38 billion exceptional capital loss as a result of the deal.

The Petrocedeno project aims to upgrade extra-heavy crude oil into lighter crude from the onshore Venezuelan Orinoco Belt area.

Petroleos de Venezuela now owns 100% of Petrocedeno.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 29, 2021 04:01 ET (08:01 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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