The Venezuelan state oil company Petróleos de Venezuela (PDVSA) and the Italian company Eni signed an agreement on Tuesday, April 28, to increase gas production, amid the opening of the energy sector following the easing of US sanctions against the South American country.

The ceremony between representatives of ENI and PDVSA was held at Miraflores Palace in Caracas. Regarding this, Claudio Descalzi, CEO of the Italian company ENI, stated: “This will be one of the company’s most important investments,” asserting that they are the only company “that develops and supplies gas to the domestic market, so we never left Venezuela.”

The agreement guarantees ENI the exploitation of the Junín 5 field in the Orinoco Oil Belt, with estimated reserves of 35 billion barrels.

Furthermore, Delcy Rodríguez, acting president of Venezuela, declared that the agreement “marks a milestone in the relations between ENI and Venezuela” and explained that the objective of this joint project is to give an extraordinary boost to production.

M.Pino

Source: rfi.fr

(Reference image source: John Kinnander on Unsplash)

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