Italy-based oil major ENI and Venezuela’s state-owned oil firm Petroleos de Venezuela (PDVSA) have entered into an agreement to form a joint venture (JV) to develop an estimated 170 million barrel gas condensate reserves in the Perla field. As per the agreement, PDVSA will own 60 percent interest in the JV, while ENI will hold the remaining 40 percent. The agreement was signed during a meeting between ENI CEO Paolo Scaroni and Venezuelan Petroleum Minister Rafael Ramirez.
In the meeting, officials also discussed the progress and future development activities related to Junín-5 heavy oil field project and Perla gas field project. ENI took part in the development of Junín-5 block, which began production in March 2013. The block, which has a capacity to produce 35 billion barrels of oil equivalent (boe), is jointly operated by two mixed enterprises formed by PDVSA and ENI. In Venezuela, ENI is also co-operator of Cardón IV, the operating company which manages the Perla super-giant gas field, with estimated gas reserves in place of about 17 trillion cubic feet or 3.1 billion boe.