Venezuelan state-owned oil company acquires 100% of joint venture with Total and Equinor

The purchase of Petrocedeño comes when the government of Nicolás Maduro seeks to increase crude oil production, which has collapsed in the midst of a harsh economic crisis and a battery of international sanctions, including an oil embargo by the United States.

RIO DE JANEIRO, BRAZIL - The state-owned Petróleos de Venezuela (PDVSA) assumed control of a joint venture in the very rich Orinoco Belt after negotiating the purchase of a third of the total shares from France's Total and Norway's Equinor, the parties informed Thursday.

"The Corporación Venezolana de Petróleo (CVP), a subsidiary of Petróleos de Venezuela, S.A. (PDVSA), assumes 100% participation in the company Petrocedeño, after a highly successful negotiation process with the companies TotalEnergies and Equinor," announced the Venezuelan Ministry of Petroleum in a communiqué, dated Wednesday and published Thursday.

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