Eni had previously operated the field under a service agreement with Venezuela’s state-run oil company PDVSA, which terminated the contract in April 2006.
Under the terms of the settlement agreement, Eni will receive compensation in cash, in line with the net book value of the asset. Eni said that it believes this settlement represents an important step towards improving and consolidating the co-operation with local Venezuelan authorities and PDVSA.
The Italian firm said that it is also seeking to improve co-operation through the development of new initiatives, especially in the oil-rich Faja region of the country.
