PDVSA, Eni see first oil at Junin 5 field

Orinoco flow: PDVSA and Eni bring first well online at Junin 5

Reuters/Scanpix

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Bill Lehane

 13 March 2013 15:59 GMT

Venezuelan state player PDVSA and Italy’s Eni have seen first production at their Junin 5 giant heavy oil field in the Orinoco Belt.

The explorers aim to produce around 15,000 barrels per day by year’s end at the block, which is situated around 550 kilometers south east of Caracas.

The first well has been brought online nine months ahead of development plans, according to the companies operating the 425-square kilometre field.

Further development aims to see output of 75,000 barrels a day by early 2015, through the drilling of around 180 wells.

Junin 5 holds 35 billion barrels of oil equivalent of certified oil in place.

At full development after phase two, the prolific block is forecasted to…

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