Italy's Eni signs agreement to relaunch heavy oil project in Venezuela

Italy's energy producer Eni ENI.MI on Tuesday (April 28) signed an agreement with Venezuela's oil ministry and state-run oil company PDVSA to relaunch a heavy crude project in the Orinoco Belt, the company and government officials said.

PDVSA's key partners have been signing preliminary agreements to confirm interest or expand their oil and gas projects as the government progresses in a broad review of all contracts in the industry as part on an oil reform.

The pact with Eni was signed in Caracas in presence of Venezuela's interim President Delcy Rodriguez, Eni's Chief Executive Claudio Descalzi, PDVSA's head Hector Obregon and Venezuela's oil ministry Paula Henao. It was broadcasted in state TV.

The company's investment plan in the country is being drafted and should be completed by year-end, Descalzi said.

-Reuters