Subscribe to our news feedOil and gas recruitment: PDVSA and Eni join forces in oil production deal
|
Published on Wednesday 6th January 2010
Venezuelas stateowned oil company PDVSA and Italys Eni have formed a joint venture that will extract and refine up to 240,000 barrels of crude oil per day The deal, will see oil being produced in a 424km square area in Venezuelas Orinoco region and a refinery being built nearby in 2014. Following the agreement reached by PDVSA president and Venezuelan oil minister Rafael Ramirez and Eni head Paolo Scaroni, PDVSA will have a 60 per cent participation in the project, with Eni taking the remaining 40 per cent. "This deal is the result of two years of continuous work between PDVSA and Eni," Enis Scaroni was said in a statement. Construction will start in 2011 with production of an estimated 75,000 barrels per day beginning in 2014. It will be the first joint venture to construct and operate an oil refinery in the Orinoco belt oilfields in Venezuela. After the initial construction of facilities, there will be a complete development of the field to reach a production of 240,000 barrels per day. 
|
|
|
|