Italy's Eni Advances Plan for 1 Million Barrels per Day at Venezuelan Heavy Oil Field

en.Wedoany.com Reported - On October 23, Italy's Eni Group announced its latest development plan for the Junín 5 field in Venezuela's Orinoco heavy oil belt. The company has submitted the field development plan to Venezuelan authorities and aims to complete the final investment decision (FID) for Phase 1 by the end of 2026. The field currently produces about 12,000 barrels of crude oil per day. Eni plans to increase output in stages, with a long-term target of reaching 1 million barrels per day between 2032 and 2033.

According to the development schedule announced by Eni, after the final investment decision for Phase 1 is completed, the company plans to raise the field's daily output to 200,000 barrels within 18 to 24 months, and further to 400,000 barrels by the end of 2029. Guido Brusco, Chief Operating Officer of Eni's Natural Resources business, presented these production targets and implementation timeline at the third-quarter earnings conference call.

Eni and Venezuela's state-owned oil company PDVSA signed a 25-year hydrocarbon production participation contract on September 2. Under the contract, Eni obtained exclusive operating rights for the Junín 5 field and is responsible for technical, financial and commercial management. The field is located onshore in Venezuela's Orinoco heavy oil belt and has certified original oil in place of approximately 35 billion barrels. The two parties previously operated the asset through the joint venture Petrojunín, with Eni holding a 40% stake and PDVSA holding 60%.

Eni is also advancing the development plan for Venezuela's Perla gas field. The field is held 50-50 by Eni and Spain's Repsol, and the development plan is currently awaiting approval from Venezuelan authorities. Phase 1 is planned to add 90 million standard cubic feet of natural gas per day to supply the Venezuelan domestic market; Phase 2 is planned to conduct export operations through floating liquefied natural gas (FLNG) facilities, with the proposed liquefaction facility having an annual capacity of approximately 3.4 million to 3.5 million tonnes.