Venezuelan state oil company PDV and Italy's Eni will begin early production from their Junin-5 block next year and hope to reach 240,000 b/d by 2018, Venezuela's energy minister said Thursday. Opec member Venezuela is pinning its hopes for reviving its stagnant oil sector on a string of ambitious projects, including Junin-5, to tap its vast Orinoco extra heavy crude belt - one of the world's biggest untapped crude reserves.
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