Eni, Venezuela review oil, gas developments

June 18, 2013 at 7:15 AM
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ROME, June 18 (UPI) -- Italian energy company Eni said it was coordinating with Venezuelan officials on the progress at one of the largest offshore oil fields in the world.

Eni Chief Executive Officer Paolo Scaroni hosted Venezuelan President Nicolas Maduro and Energy Minister Rafael Ramirez at Eni's offices in Rome.

"During the meeting, which was held in an atmosphere of cordiality, they discussed the progress of the Perla super-giant field project, one of the largest gas fields discovered in the world in recent years, and Junin-5 oil field project," Eni said in a statement Monday.

Junin-5 is operated jointly by development companies formed by Venezuela's state energy company Petroleos de Venezuela and Eni. Junin is one of the largest oil fields in the world and Eni said the joint venture was working on the construction of a refinery for the field with a 350,000 barrel capacity.

Eni last year agreed to provide as much as $1.5 billion to help Venezuela develop its share of the production phase of Junin 5.

The company estimates it will drill around 1,500 wells in the area during its 40-year lifespan. No time frame was unveiled for the refinery.

The Perla field holds an estimated 17 trillion cubic feet of natural gas.

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