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Eni and PDVSA launch major heavy-oil projects in Orinoco Belt in Venezuela

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Italy-based oil and gas major Eni and PDVSA (Petróleos de Venezuela), the state-owned oil and gas corporation of the Bolivarian Republic of Venezuela, signed contracts for the creation of two joint ventures (Empresas Mixtas, Mixed Enterprises). Eni in the Bolivarian Republic of Venezuela. Map of Orinoco’s Faja area. Schenk C.J.,

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PDVSA signs agreements with India’s Reliance and OVL for work in Orinoco

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The Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA), has signed agreements with two major Indian energy companies, Reliance and OVL, for work in Venezuela’s Orinoco heavy oil belt. Reliance Industries Limited (RIL) and PDVSA signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt.

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Eni announces first production from the Junin-5 giant heavy oil field in Venezuela

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Separately, Eni reported its ninth oil discovery in deepwater offshore Angola, in Block 15/06, increasing the resource base of the West Hub project. Junin 5 block in the Orinoco. Source: Eni. Click to enlarge. Deepwater Angola. The discovery was made through the Vandumbu 1 well, located approximately 150 kilometers from the coast.

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GECF: more than a quarter of 2050 natural gas supply untapped

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Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF).

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National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). Petroleos de Venezuela (PDVSA). Supermajors retain four of the Top 10 spots.

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Rosneft and PDVSA sign tentative MoU for JV to develop heavy crude reserves in Venezuela’s Orinoco belt

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Rosneft, the leader of Russia’s petroleum industry and majority owned (75.6%) by the state, and PDVSA, Venezuela’s state-owned oil and gas company, have signed a tentative memorandum of understanding (MoU) to set up a joint venture to develop heavy crude oil reserves in Venezuela as part of the Carabobo-2 project.

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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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Meanwhile, the volume of conventional resources sanctioned for development last year fell to 4.7 It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said. Oil discoveries declined to 2.4 In addition, 6.5

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