PDVSA and Eni bolster cooperation to increase productive capacity

Caracas.- Petróleos de Venezuela, SA (PDVSA) and the Italian company Ente Nazionale Idrocarburi (ENI) have an ongoing work agenda to strengthen mutual trust and thus increase crude and gas production capacity for joint projects in Venezuelan territory, said on Twitter People’s Minister of Petroleum and President of PDVSA, Manuel Quevedo, upon meeting Eni's Vice President for the Americas, Federico Arisi Rota and Managing Director, Carmine Di Lorenzo.

Eni’s projects include the development of the licensed offshore Cardón IV block in the Gulf of Venezuela’s, together with Spain’s Repsol. Each company has a 50% stake.

Together with PDVSA, Eni has formed 4 joint ventures: Petrojunín, S.A.; Petrobicentenario, S.A. (Eni 40%, PDVSA 60%); Petrosucre, S.A. (Eni 26%, PDVSA 74%); and Petrolera Guiria, S.A. (Eni 19.50%, INE Oil & Gas INC 16.25%, PDVSA 64.25%).

This meeting of Minister Quevedo follows the guidelines of President Nicolás Maduro to recover oil production and strengthen the national refining system and petrochemical production.