Venezuela and Italian company Eni inaugurate Junin 5 oil pipeline

Nov. 25, 2013 at 6:06 AM

CARACAS, Venezuela, Nov. 25 (UPI) -- Venezuelan officials and Italian energy company Eni inaugurated the first pipeline designated to take oil from the offshore Junin 5 field in Venezuela.

The 15-mile-long dual pipeline, inaugurated Saturday, will carry oil from the Junin 5 field to a processing facility operated by Venezuela's state-owned energy company Petroleos de Venezuela, known as PDVSA.

PDVSA and Eni manage Junin-5 through a joint venture in which the Venezuelan company holds a 60 percent stake.

The field, located in Venezuela's offshore Orinoco oil belt, is expected to produce about 240,000 barrels of oil per day at its maximum. Production started in March.

Rafael Ramirez, Venezuela's minister of petroleum and president of PDVSA, and Eni Chief Executive Officer Paolo Scaroni and President Giuseppe Recchi attended the inauguration ceremony.

Last year, Eni agreed to provide up to $1.5 billion to help Venezuela develop its share of the production phase of Junin 5.

The Italian energy company estimates it will drill about 1,500 wells in the area.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
First U.S.-made Kalashnikov AK-47s now being sold
More than $1B in new orders for Saab
Australian Air Force receives first C-27J transport
Donna Karan steps down from company bearing her name
Judge throws out GM shareholder ignition-switch lawsuit