PDVSA and Eni have inaugurated the first pipeline to evacuate oil from the Junin-5 field, located on the Orinoco oil belt in Venezuela. The pipeline is 25 km long and consists of two lines, one that will transport diluting agent to the field, and another that will transport diluted heavy oil to the nearby processing facilities of PDVSA. Eni participates in the development of heavy oil block Junin-5, located on the Orinoco oil belt, which holds 35 Gboe in place, and started production in March 2013. Junin-5 is expected to produce 240,000 bbl/d (96,000 bbl/d Eni equity). Junin-5 is managed by two joint ventures (Empresa Mixta), both formed by PDVSA (60%) and Eni (40%): PetroJunín for the development and production of the field and PetroBicentenario for the construction and operation of a refinery in the industrial complex of Jose, with a capacity of 350,000 bbl/d.
In Venezuela, Eni is also co-operator of Cardon IV, the operating company that manages the Perla gas field, whose reserves of gas in place are estimated at about 480 bcm (3.1 Gboe). The peak production of Perla is currently 216,000 bbl/d of oil equivalent (70,200 Eni equity). The shareholders of Perla, after the entry of PDVSA into the project, will be PDVSA (35%), Eni (32.5%) and Repsol (32.5%). Eni also holds a stake in Petrosucre, which operates the Corocoro field (PDVSA 74%, Eni 26%), with a daily production of approximately 10,000 bbl/d of oil.