World
Institutional
links
Welcome back on
26 -29 August,
ONS 2008
Bridging
the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway
Petroleumworld
Business
Partners:
Centre for
Global Energy
Studies
  |
Italian oil firm, Venezuela sign exploration deal
CARACAS
Petroleumworld.com, Mar 03, 2008
Italy's oil company ENI and Venezuela agreed Friday to help to certified reserves in a block of the Orinoco Faja basin to be able to invest $10 billion to produce oil in the block, Italian Foreign Minister Massimo D'Alema said.The joint venture of Eni and Venezuelan PDVSA will target development of 1.3 billion barrels, D'Alema said.
The agreement, signed Friday at a ceremony with Venezuelan Energy and Oil Minister Rafael Ramirez, comes two weeks after Eni accepted $700 million to drop arbitration over Venezuela's expropriation of the Dacion oil field north of the Orinoco Belt. The company had said the field was worth $829 million.
Eni, based in Rome, is seeking oil and gas deposits to help boost production by an average of 4.5 percent a year through 2011. Venezuela is courting private investment to help in the production of the Orinoco Basin oil and gas deposits.
Venezuela signed this year new exploration deals with Royal Dutch Shell, Total and StatoilHydro.
Venezuela is to certify 313 billion barrels of reserves next year in the Orinoco basin to put itself into first place among the world's proved reserves.
Story from Petroleumworld
Petroleumworld 02 Mar 2008 GMTCopyright© 2008 respective author or news agency. All rights reserved.
Petroleumworld welcome the use of Petroleumworld stories by anyone provided it mentions Petroleumworld.com as the source.
Your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.Write to editor@petroleumworld.com
Any question or suggestions, please write to:
editor@petroleumworld.com
Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels