The agreement also sets out the indemnification that will be paid to Total, which was determined after a negotiation based on the value of the assets.
The Venezuelan National Assembly has until the end of August to approve the terms and conditions of the transformation.
Brought on stream in 2000, the Sincor project comprises the upstream development of the Zuata extra-heavy oil field in the Orinoco Belt and the downstream upgrading of the oil in a dedicated facility. Sincor's production capacity is around 200,000 barrels per day of extra-heavy oil, corresponding to 180,000 barrels per day of synthetic crude.
Total also has interests in the Yucal Placer project (69.5%) and the offshore Plataforma Deltana Block 4 (49%). The Group's equity production in Venezuela averaged 96,000 barrels per day in 2006.
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