PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco, the area with the largest untapped hydrocarbon reserves in the world. The block is located 550 kilometers southeast of Caracas and covers an area of approximately 425 square kilometers. The Junín-5 block, currently under development, holds 35 billion barrels of oil equivalent (boe) of certified oil in place and is jointly…