finance.yahoo.com

Eni Signs 25-Year Contract to Operate Venezuela's Junín-5 Field

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Sig4.84Sen+3.33Env-2.38Soc+0.25Gov+1.24

Eni signed a 25-year deal with PDVSA making it the exclusive operator of the Junín-5 heavy-oil field in Venezuela’s Orinoco Belt. The project shifts from a Petrojunín joint venture where PDVSA held 60%. Junín-5 is estimated at 35 billion barrels of certified oil but produces about 12,000 bpd, with Eni planning roughly $1.5 billion a year to ramp up.

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