PDVSA and Eni will use state of the art technology to obtain certification of Junin 5 Block

abarrelfullabarrelfull wrote on 08 Feb 2014 08:55


Rafael Ramirez, People’s Minister for Energy and Petroleum and president of Petroleos de Venezuela, S.A. (PDVSA), stated that the agreement signed this Friday by Petroleos de Venezuela, S.A. (PDVSA) and the Italian company Eni to quantify and certify the Junin 5 Block in the Orinoco Oil Belt is part of the Full Oil Sovereignty policy implemented by the Bolivarian Government. Minister Ramirez also ascertained that this policy aims at strengthening the use of state of the art technology in heavy crude production processes and at increasing markets for Venezuela’s oil and derivatives.

Minister Ramirez and Paolo Scaroni, Eni’s executive director, also signed a memorandum of understanding this Friday to study the possibility of incorporating a joint venture company so that they can jointly carry out production activities in a portion of the block that will be subsequently determined by MENPET (People’s Ministry for Energy and Petroleum).

Minister Ramirez indicated that “our strategic goal is to use state of the art technologies so that we can increase the value of our resources to the maximum, and to make possible for oil producing countries to develop plans to increase production within OPEC’s strategy to defend a fair revaluation of natural resources”.

On his part, Scaroni indicated that Eni estimates an investment of 10 to 20 million dollars in the Junin 5 Block from 2009 to 2014. Scaroni stated that “it is possible to have another investment phase starting in 2016”. He also mentioned that the Italian technology Eni Slurry is a state of the art technology that could be used to develop this project.

The Junin 5 Block is one of the most promising areas in the Orinoco Oil Belt, and estimates amount to 33,600 million barrels of original oil in place. 20 billion barrels in the Orinoco Oil Belt were certified in 2007, and this figure is expected to reach 316 billion in 2009.

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