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Market Chatter: Eni Reportedly Set to Boost Oil Production in Venezuela with Development Deal

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Eni (ENI.MI) is expected to announce on Wednesday a development deal with state-owned oil and gas company Petróleos de Venezuela as part of plans to increase its oil production in Venezuela, Bloomberg News reported the same day, citing people familiar with the matter.

The Italian energy group reportedly intends to raise production from its operations in the South American country to over 1 million barrels of oil per day. The agreement involves the Junín 5 heavy-oil field in the Orinoco Belt, with the Italian energy group poised to serve as the exclusive operator of the project, according to one of the sources.

The deal would also substantially expand Eni's footprint in Venezuela, Bloomberg noted.

Eni did not immediately respond to' request for comment.

(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.)

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