Eni Starts Up The Development Of The Corocoro Field In Venezuela

abarrelfullabarrelfull wrote on 04 Feb 2014 20:40

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April 23, 2003

Eni informs that local Authorities have approved the development plan for the Corocoro field, located at the mouth of the Orinoco river in Venezuela.

The Corocoro field was discovered in 1999 in the Gulf of Paria offshore Western block 500 kilometres from Caracas.

Eni will take part to its development with a 26% stake while PDVSA, the Venezuelan State Oil Company, will have a 35% interest, ConocoPhillips, the operator, a 32.5% stake and OPIC Karimun Corporation a 6.5% one. The field will be developed through different phases.

In the first phase the value of the investment will be of about US$ 480 million and will enable Eni to acquire a production of 14,500 barrels of oil per day. Subsequent phases will be determined on the basis of the results achieved in the first one.

With this new project Eni strengthens its activities in Venezuela where it already operates the Dacion field in the eastern part of the Country.

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