Eni Signs Strategic Contract With PDVSA for Junin-5 Oil Field

MT Newswires Live09-03 16:58

Eni (E) signed a 25-year hydrocarbon production participation contract with Venezuela's state-owned PDVSA for the development of the Junin-5 giant oil field, becoming the exclusive operator, the company said Wednesday.

Under the deal, Eni will manage the technical, financial and commercial operations of Junin-5 in Venezuela's Orinoco Belt, a field with 35 billion barrels of certified oil in place that currently produces about 12,000 barrels per day.

The contract replaced the existing Petrojunin joint venture, in which Eni holds a 40% stake and PDVSA 60%, with a new regime established under Venezuela's Organic Hydrocarbons Law.

Shares of Eni were down over 1% in premarket activity Thursday.

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