As per the agreement, PDVSA will own 60% interest in the JV, while Eni will hold the remaining 40%.
The agreement was signed during a meeting between Eni CEO Paolo Scaroni and Venezuelan Petroleum Minister Rafael Ramirez.
In the meeting, officials also discussed the progress and future development activities related to JunÃn-5 heavy oil field project and Perla gas field project.
Eni took part in the development of JunÃn-5 block, which began production in March 2013.
The block, which has a capacity to produce 35 billion barrels of oil equivalent (boe), is jointly operated by two mixed enterprises formed by PDVSA and Eni.
In Venezuela, Eni is also co-operator of Cardón IV, the operating company which manages the Perla super-giant gas field, with estimated gas reserves in place of about 17 trillion cubic feet or 3.1 billion boe.
