Orinoco deal reached

Italian energy company Eni SpA and Venezuela’s state-run oil company signed an agreement to develop oil fields in the South American nation’s petroleum-rich Orinoco region.

The Italian oil giant announced that Eni and Petroleos de Venezuela will work to quantify petroleum reserves in the region’s Junin Block 5 field.

The field is believed to hold more than 2.5 billion barrels of heavy crude.