Eni Launches Redevelopment of Venezuela's Junín-5 Heavy Oil Field, Targeting 200,000 Barrels per Day

en.Wedoany.com Reported - On October 28, Italian energy group Eni confirmed the launch of redevelopment operations at the Junín-5 field in Venezuela's Orinoco Heavy Oil Belt, planning to raise first-phase oil production to 200,000 barrels per day through the rehabilitation of abandoned wells, drilling of new wells and utilization of existing production facilities, with the target to be achieved by 2028. The field currently produces about 12,000 barrels of crude oil per day. Eni serves as the sole operator of the project, responsible for the technical, financial and commercial management of the field's development.

The development plan covers the rehabilitation of existing wells and a new round of intensive drilling operations. The project will prioritize the use of existing infrastructure in the field's area for construction. First-phase development priorities include restoring the production capacity of shut-in wells, increasing the number of development wells and expanding crude oil output.

Oilfield services company Weatherford confirmed on October 28 its participation in the Junín-5 project, providing integrated technical and field services for Eni's well rehabilitation and drilling operations. Its service scope covers multiple stages of well operations and will support Eni in implementing the heavy oil field development plan.

Junín-5 is located onshore in Venezuela's Orinoco Heavy Oil Belt, with certified original oil in place of approximately 35 billion barrels. On September 2, Eni signed a 25-year oil and gas production participation contract with Petróleos de Venezuela, S.A. (PDVSA), which allows for extension and replaces the previous Petrojunín joint venture operating arrangement. The former joint venture was held 60% by PDVSA and 40% by Eni; under the new contract, sole operating responsibility for the field is assigned to Eni.