Eni strikes deal to relaunch Venezuela production

Venezuela

CARACAS, April 29, 2026 – Eni has signed a programmatic agreement with Venezuela’s Ministry of Hydrocarbons and state oil company Petróleos de Venezuela (PDVSA) to relaunch oil activities at the Junín-5 project in the Orinoco Belt, Eni announced on Tuesday.

The agreement covers the Junín-5 heavy oilfield in the Orinoco Belt, whose estimated reserves of 35 billion barrels of oil place it among Venezuela’s most strategic heavy oil assets. Junín-5 is shared by PDVSA, which holds a 60% interest, and Eni, with 40%.

Eni secured the agreement following talks in Caracas between Eni CEO Claudio Descalzi and Delcy Rodriguez, Acting President of Venezuela, along with Venezuelan Minister of Hydrocarbons, Paula Henao, and the CEO of PDVSA, Héctor Obregón.

The deal establishes a framework to advance development of the field as the country seeks to restore production capacity after years of decline, marking a fresh step in efforts to revitalise Venezuela’s upstream sector.

In Venezuela, Eni operates the Perla field within the Cardón IV licence – the largest offshore gas discovery in Latin America – under a 50-50 joint venture with Repsol. The companies recently secured an agreement to relaunch production at Perla, increasing supply for the domestic market and establishing a pathway for exports.

The company also holds interests in PetroSucre, which operates the Corocoro offshore oilfield, and Supermetanol, a petrochemical company focused on methanol production.

Photo courtesy of Ministerio del Poder Popular de Hidrocarburos