Total Signs Two Heavy Oil Study Agreements with PDVSA

Total announces the signature of two joint study agreements with PDVSA concerning the Junin 10 block in the Orinoco Belt in Venezuela.

Signed by Christophe de Margerie, Total's CEO, and Rafael Ramirez, minister of energy and petroleum of the Bolivarian Republic of Venezuela and president and CEO of PDVSA, the state-owned oil company, the agreements call for appraising the block's extra-heavy crude oil reserves and examining a project to produce extra-heavy oil.

Covering nearly 600 square kilometers, the Junin 10 block is located in the Orinoco Belt, south and west of the area developed by Sincor, which is being transformed into PetroCedeno, a mixed company.

The two agreements illustrate Total and PDVSA's commitment to maintain their cooperation over the long term, especially to develop the Orinoco Belt's significant reserves of extra-heavy crude oil.

Total is present in Venezuela through Sincor, which started in 2000 and has a production and conversion capacity of more than 200,000 barrels per day of extra-heavy crude oil into high quality light synthetic crude. Sincor is currently being transformed into a mixed company called PetroCedeno, in which Total will hold a 30.323% stake. Total also holds interests of 69.5% in the Yucal Placer project and 49% in the offshore Plataforma Deltana Block 4 exploration project.