Italian company launches production at a major oil field in Venezuela

Italy's energy company ENI has announced the "start of work at the super-giant Junín 5 oil field in Venezuela," with reserves estimated at 35 billion barrels.

As AZERTAC reports, Italian energy company ENI announced on Wednesday the start of its operations in Venezuela, nearly two months after the country's interim government, with US approval, signed new oil agreements with transnational corporations, writes BFMTV.

In September, ENI secured exclusive rights to develop the Junín 5 heavy oil field, located in the Orinoco oil belt in central Venezuela, under a contract signed with the administration of interim President Delcy Rodríguez. The signing of the contract coincided with an unprecedented agreement between Caracas and Washington granting the United States control over 20% of Venezuela's giant oil reserves.

ENI specified that its plan includes "the rehabilitation of abandoned wells and an intensive drilling campaign for new wells." The goal is to reach a production of 200,000 barrels per day at this field, whose reserves are estimated at 35 billion barrels, by 2028, ENI reported.

Under pressure from the United States, Delcy Rodríguez promoted an oil reform that opened the sector to private capital, especially foreign investment. Venezuela's state oil company Pétroles de Venezuela (PDVSA) claims that since the arrival of the interim government, it has signed 61 agreements with private companies. Among them is an agreement with the United States, which will manage the oil field through the private company North American Blue Energy Partners (NABEP). Washington owns a 30% stake in this oil company, the second largest private company in Venezuela.