Eni reaches settlement agreement with Venezuela on Dacion field

abarrelfullabarrelfull wrote on 08 Feb 2014 09:16

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15th February 2008

Eni has reached a settlement agreement with the Bolivarian Republic of Venezuela over the dispute for the Dacion field. Eni operated the field under a service agreement with Venezuela's oil state company PDVSA, which terminated the contract in April 2006.

Under the terms of the settlement agreement, Eni will receive compensation in cash, in line with the net book value of the asset.

In Venezuela, Eni owns a 26% stake in the Petrosucre mixed enterprise (PDVSA/CVP 74%, Eni 26%) which operates the Corocoro field, where oil production has just started, and a 19.5% stake in Petrolera Guiria mixed enterprise (PDVSA/CVP 64.25%, Eni 19.5%, Ineparia 16.25%) which manages the Punta Sur discovery. Corocoro and Punta Sur fields are both located offshore in the Gulf of Paria. Eni also owns a 50% stake in the Cardon IV gas exploration licence, located offshore in the Gulf of Venezuela.

Eni believes this settlement represents an important step towards improving and consolidating the cooperation with Local Authorities and PDVSA also through the development of new initiatives especially in the oil-rich Faja Region.

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