Venezuelan Oil Minister and Eni's board inaugurate Junin-5 pipeline

Earlier this week, the Minister of Petroleum and President of the state-owned company PDVSA, Rafael Ramirez, and a delegation of Eni, composed of the members of the board of directors and led by the Chief Executive Paolo Scaroni and the President Giuseppe Recchi, inaugurated the first pipeline to evacuate oil from the Junin-5 field, located on the Orinoco oil belt.

The 25 km pipeline consists of two lines, on 8 in. dia. that will transport diluting agent to the field, and another 12 in. dia. that will transport diluted heavy oil to the nearby processing facilities of PDVSA.

At the ceremony, the parties discussed activities and joint projects in the country as well as the progress of the Junin-5 field and projects related to the super-giant Perla, one of the largest gas fields discovered in the last years worldwide.

Eni is a strategic partner of PDVSA and Venezuela, given the important future commitment in terms of both long-term investment and production.

Junin-5

Eni has been present in Venezuela since 1998. Within the country Eni participates in the development of heavy oil block Junin-5, located on the Orinoco oil belt, which hold 35 billion barrels of oil equivalent in place, and started production last March. Junin-5 is expected to produce 240 000 bpd of oil.

Junin-5 is managed by two joint ventures (Empresa Mixta), both formed by PDVSA (60%) and Eni (40%): PetroJunin for the development and production of the field and PetroBicentenario for the construction and operation of a refinery in the industrial complex of Jose, with a capacity of 350 000 bpd.

Adapted from press release by Hannah Priestley-Eaton

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