Overview

Venezuela
Eni’s activities in Venezuela are mainly focused in the exploration and production of hydrocarbons and in the Refining & Marketing sector. Exploration & Production activities, regulated by a joint venture agreement, are limited to the Gulf of Venezuela, the Gulf of Paria and the Faja Orinoco. Development activities continue with drilling operations and there are also plans to build a refinery. In the Refining & Marketing sector, Eni is part of a joint venture that produces methanol in the country.

Exploration & Production

Eni has been operating in Venezuela since 1998. In 2014 Eni’s share of production amounted to 10,000 barrels per day. Activities are concentrated in the Gulf of Venezuela, the Gulf of Paria and the Orinoco onshore over a developed and undeveloped area of 2,804 square kilometres (1,066 square kilometres net to Eni). The exploration and production of Eni’s oil fields in Venezuela are regulated by “mixed enterprise system” that implies that: 

  • a Venezuelan-registered company is the holder of mining rights
  • it carries out oil operations directly
  • it is owned by CVP (Corporación Venezolana de Petróleo) or another subsidiary of PDVSA with a minimum stake of 60%.

Production comes from the Corocoro field (Eni 26%), located in Gulfo de Paria and the giant Junin 5 field (Eni 40%), located in the Faja Orinoco, with certified volumes in place of 35 billion barrels. Regarding development activities, work continues on the drilling at the Junin 5 field of twenty-two wells. The early production phase at the field was started in 2013, with a production target of 75,000 barrels per day. The next Full Field phase foresees a long-term production plateau of 240,000 barrels a day. The project also foresees the construction of a refinery. In line with the agreements, Eni will fund part of PDVSA’s development costs for the Early Production phase and the engineering of the refinery, up to maximum of US$1.74 billion. The Perla giant gas field the in the Cardon IV Block (Eni 50%), located in the Gulf of Venezuela, is also under development. Productiin start-up of the first phase was expected by the second quarter of 2015. The project foresees production start-up of the existing exploration wells and 17 new development wells, as well as the installation of production platforms linked by a gas pipeline to an onshore treatment plant. The volume expected for the early production phase is estimated at around 13 million cubic metres per day. In July 2015 production started at the giant Perla gas field in the Cardon IV block (Eni 50%)", located in the Gulf of Venezuela. The gas produced will be used primarily by the state company PDVSA in the domestic market, on the basis of a Gas Sale Agreement until 2036. The development of Perla was planned in three phases and foresees production from 21 wells, the positioning of four platforms connected by pipeline to an onshore treatment plant. The launch in 2017 of the second phase of development will lead to a production level of 23 million cubic metres per day, while in 2020 the final phase will reach a production plateau of 34 million cubic metres per day. With regard to oil exploration, Eni has a 19.5% stake in the Petrolera Güiria block and a 40% stake in the Golfo de Paria West and Punta Pescador blocks, in the eastern offshore of the country, where it is conduction natural gas exploration activities.

Refining & Marketing

Eni has a stake in Supermetanol CA, a 50-50 joint venture with Pequiven (the state-owned petrochemical company) that operates a plant that produces methanol.

Offices & contacts

Exploration & Production
Eni Venezuela B.V. e Cardon IV S.A.
Avenida Orinoco cruce con calle Mucuchíes,
Edf. 448, Las Mercedes
Caracas
Tel. (+58) 212 318 2000
(+58) 212 821 2000

Refining & Marketing
SuperOctanos C.A.
Complejo Petroquímico José Antonio Anzoátegui
Barcelona, Estado Anzoátegui
Tel (+58) 281 5008532
(+58) 281 5008534
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