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CARACAS, Venezuela, Nov. 23 (UPI) -- Italian energy company Eni said it signed a deal in Venezuela for an offshore development that could produce as much as 240,000 barrels of oil per day.
Paulo Scaroni, the top executive at Eni, signed a deal in Caracas with Venezuelan Energy Minister Rafael Ramirez to create to so-called mixed enterprises to exploit the Junin 5 oil block in the lucrative Orinoco oil belt in the Caribbean Sea.
Eni said it hopes to produce around 75,000 barrels of oil per day from the site during early production phases set for 2013. Long-term production, the company said, could reach 240,000 bpd in 2018, though daily production for Eni would be close to 100,000 bpd, the company said in a statement.
The mixed enterprise gives state-owned Petroleos de Venezuela a controlling stake with 74 percent of the assets. Eni said it expects to produce "high-quality" crude from the site that would go to Caribbean and European markets.
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