Italian Eni and Spanish Repsol will start early production in their offshore natural gas project in Gulf of Venezuela in tandem with state-run oil holding Pdvsa at the end of 2014, Eni's CEO said.
After finding more than 15 trillion cubic meters of gas, Perla, a project of the consortium, would lift a stagnated gas production in Venezuela and reduce dependency on other fuels that have been used since 2010 for power generation during an intermittent energy crisis.
"We expect to have an initial output in Perla project at the end of 2014," Eni's CEO Paolo Scaroni told reporters during the HIS CeraWeek energy conference, Reuters cited.
Previously, Pdvsa had set the project early production by the end of 2013; however, private partners warned that having the production ready would take its time, as well as negotiating a sale price in US dollars with the state-owned company.
Scaroni informed that Eni and Pdvsa are producing "some thousand barrels" of crude oil at the Orinoco Oil Belt, the largest oil reserve of a Member State of the Organization of Petroleum Exporting Countries (OPEC), after the initial production last year.
Production will keep on growing to near 50,000 barrels per day (bpd) in the upcoming years, he added.
Source: El Universal
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