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Eni to fund $1.5 billion PDVSA development of Orinoco block

08/15/2011
Eric Watkins Oil Diplomacy Editor Venezuela's state-owned Petroleos de Venezuela SA recently signed a $2 billion financing agreement with Eni SPA mainly for development of the two firms' joint venture in the Orinoco heavy oil belt. Eni agreed to finance PDVSA's share of development costs for Junín-5's early production phase up to $1.5 billion with the remaining $500 million to fund construction of a power station on the Güiria peninsula. The development plan for the Junin-5 heavy oil block in the Faja of Orinoco calls for early production of 75,000 b/d starting in late 2013 and full production of 240,000 b/d in 2018. The plan calls for construction of a new refinery on the coast in Jose. ...
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