Eni and Venezuela’s state-owned oil company PDVSA have signed a new hydrocarbon production agreement covering the development of the giant Junín 5 oil field in the Orinoco Belt.
Eni signed a programmatic agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company PDVSA to relaunch oil activities, specifically at Junin-5 (PDVSA 60 per cent, Eni 40 per cent), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place.
Baker Hughes has signed two strategic agreements to support Venezuela’s energy infrastructure and production growth. The deals include an alliance with PDVSA, Lindsayca and Fulcrum LNG to develop natural gas infrastructure, alongside a memorandum with New Stratus Energy targeting future oil and gas prospects.
