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Market Chatter: Eni Looking to Boost Venezuelan Oil Production to Over 1 Million Barrels per Day

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Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported Wednesday, citing people familiar with the matter.

As part of the effort, Eni is expected to announce an agreement with PDVSA on Wednesday to develop the Junin 5 heavy-oil field in Venezuela's Orinoco Belt, one of the people reportedly said. Under the agreement, Eni will become the project's exclusive operator of the area, the report said, citing one of the people.

Eni didn't immediately reply to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $55.32, Change: $-0.21, Percent Change: -0.38%

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