StatoilHydro signs agreements in Venezuela 

StatoilHydro’s chief executive Helge Lund has signed two agreements with Rafael Ramirez, Venezuela’s Oil and Energy Minister and CEO of PDVSA.

The first agreement covers the work to quantify the reserves of the block Junín 10 in the Orinoco Belt. The block covers an area of 593 square kilometres. The other agreement is to do a development study for this block.

In Venezuela, the group has been present since 1995 and has a 9.7% interest in the extra heavy oil project, Petrocedeño (former Sincor) that processes, refines, and sells upgraded crude oil.

StatoilHydro is also the operator of Block 4 in Plataforma Deltana, offshore Venezuela, where the exploratory campaign was recently completed.