Eni Targets Venezuelan Oil Project Decision
Italian energy group Eni eyes a final investment decision by year-end on Venezuela's Junin 5 heavy oil project. Executives report rapid progress toward boosting production toward one million barrels per day.
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ENI SPA could approve a final investment decision by late evening on the first phase of a heavy oil project in Venezuela targeting 1 million bpd. The initiative follows an agreement signed in September with state-owned oil company PDVSA to develop the Junin 5 field. Investors are tracking Latin American oil expansion as majors secure assets amid shifting regional production targets.
