PetroJunín, a joint venture formed between PDVSA (60%) and Eni (40%), achieved first oil from the Junín-5 heavy oil field, located in the Faja del Orinoco, off Venezuela. The block is located around 550 km southeast of Caracas and covers an area of approximately 425 sq km. The Junín-5 block holds 35 billion boe of certified oil in place. PDVSA and Eni plan to increase production to approximately 15,000 b/d by the end of 2013. The partnership intends to achieve 75,000 b/d by early 2015, through the drilling of approximately 180 wells.
Subscribe
