Venezuela and Italy agree on operations at the Belt

abarrelfullabarrelfull wrote on 08 Feb 2014 08:44

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Caracas.- The agreements entered into by Petróleos de Venezuela, S.A. and Eni Venezuela B.V. are intended to quantify and certify the existing oil reserves in Block Junín 5, at the Orinoco Oil Belt, as part of the Orinoco Magna Reserva Project, and to conduct a feasibility project on production, upgrade and trade of extra-heavy oil in the area that will be subsequently delimited by the People’s Ministry of Energy and Petroleum.

As a result of the energy policy implemented by the National Government in defense of the Full Oil Sovereignty, PDVSA and Italian Eni have joined technology and financial, technical and human resources to conduct the study in Block 5, Junín area, eastern Anzoátegui state. The block is 671 square kilometers long and contains approximately 33.6 billion barrels of oil originally in place.

Orinoco Magna Reserva, one of the most significant projects undertaken by the Venezuelan state-run oil holding, is aimed at quantifying and certifying from 2006 to 2009 the oil reserves in the Orinoco Oil Belt and lifting them to 313 billion barrels. This amount would turn Venezuela into the country with the largest oil reserves in the world.

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