Eni signs Memorandum of Understanding on Corocoro field

Source: www.gulfoilandgas.com 6/26/2007, Location: South America

Eni signed today in Caracas a Memorandum of Understanding which defines the terms for the transfer of the development activity of the Corocoro field to the “mixed enterprise” regime.

Eni will maintain its 26% stake in the field and its presence in the country cooperating with the Venezuelan national company PDVSA in a project of industrial and economic interest.

Final contracts should be signed by the end of August following the approval by the National Assembly of the terms agreed within the Memorandum of Understanding, in line with Venezuelan legislations.


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