The companies transferred to state-owned Petroleos de Venezuela SA, or PDVSA, stakes in the Petrocedeno oil production joint venture, according to two people with direct knowledge of the decision.
CARACAS: French oil company TotalEnergies SE and Norway’s Equinor ASA are exiting a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered.
The companies transferred to state-owned Petroleos de Venezuela SA, or PDVSA, stakes in the Petrocedeno oil production joint venture, according to two people with direct knowledge of the decision.
Total and Equinor, which held 30% and 10%, respectively, had been major partners with PDVSA since the 1990s. Their move is expected to be announced by Venezuelan government officials later, the people said.
Equinor's logo is seen at the company's headquarters in Stavanger, Norway. - File pic
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