Eni says starts production from junin-5 oil field in Venezuela
MILAN -- Eni, Italy's biggest energy company by market value, said on Wednesday its minority venture in Venezuela started production from the vast Junin-5 heavy oil field.
In a statement, Eni said the PetroJunin venture--in which it has a 40% stake and Venezuela's state-owned company PDVSA the remaining 60%--began production nine months ahead of schedule.
The two companies plan to increase production to about 15,000 bopd by the end of the year, rising to 75,000 bopd by early 2015, through the drilling of about 180 wells.
The development of Phase 2 will bring daily output to 240,000 bbl, by the end of 2018, it added.
Dow Jones Newswires