The two areas, Blanquilla Est and Tortuga, are located in the Caribbean Sea off the coast of northern Venezuela, approximately 130km north of Puerto La Cruz.
The development of the two areas will be undertaken as an integrated business venture consisting of exploration, production, liquefaction and marketing activities linked to a new liquefied natural gas (LNG) train. The project will consist of two phases.
The first phase will cover the exploration and reserve certification processes and will be carried out by a joint venture that includes PDVSA with a 20% stake, Eni with 20% and other partners.
The second phase will be carried out by a joint venture that includes PDVSA with a 60% interest, Eni with 10% and other partners. Reserves from the development will be primarily dedicated to the LNG facility, in which Eni will also have a 10% ownership.
