Italy-based oil and gas company Eni has announced that PetroJunín has commenced production on the Junín-5 giant heavy oil field, located in the Faja del Orinoco block in Venezuela.
PetroJunín is a joint venture company, where PDVSA has a 60% stake and Eni has 40% interest.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The block, also called Empresa Mixta, is situated about 550km south east of Caracas and includes an area of about 425km².
The Junín-5 block is expected to have 35 billion barrels of oil equivalent of certified oil.
The production on the first well of the field has commenced after nine months ahead of the approved development plan for Phase 1.
The diluted crude oil from Junín-5 block will be transported to PetroBicentenario’s refinery located in the Jose industrial complex.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPetroBicentenario will convert the crude oil into oil products such as diesel, naphtha and LPG, while it has the capacity to store about 350,000 barrels per day.
The joint venture is planning to increase production from the field to about 15,000 barrels per day in 2013 and subsequently to 75,000 barrels a day by early 2015, by drilling about 180 wells.
The development of phase two is expected to increase production to 240,000 barrels a day by the end of 2018, while it plans to drill about 1500 wells.
Eni is also the co-operator of Cardón IV well located in Perla gas field, Venezuela, which is estimated to contain about 17 trillion cubic feet or 3.1 billion barrels of oil equivalent.
PDVSA holds 35% interest, while Eni and Repsol each have a 32.5% stake in the Perla field.
Image: Eni has commenced production on the Junín-5 giant heavy oil field in Faja del Orinoco, Venezuela. Photo: Courtesy of Chrish9309.
