Eni to become exclusive operator of Venezuelan oil field for 25 years, with 35 billion barrels in place

Eni will take exclusive control of Venezuela’s Junín 5 oil field for 25 years after signing a new production agreement with state oil company Petróleos de Venezuela, or PDVSA. The contract can be extended and gives Eni full responsibility for the project’s technical, financial and commercial management.

Junín 5 is a heavy-crude field located onshore in the Orinoco Oil Belt. Eni said it contains 35 billion certified barrels of oil in place and currently produces around 12,000 barrels per day.

The agreement completes a process that began on April 28, when Eni and PDVSA signed a framework agreement to move away from the former Petrojunín joint venture. Under that arrangement, Eni held a 40% stake and PDVSA 60%. The new contract follows the framework established by Venezuela’s hydrocarbons law, approved by the National Assembly in January.

The signing took place in Caracas on Wednesday in the presence of Venezuela’s acting president, Delcy Rodríguez, U.S. Energy Secretary Chris Wright, Venezuelan Hydrocarbons Minister Paula Henao, PDVSA chief executive Héctor Obregón and Eni chief executive Claudio Descalzi.

Eni has operated in Venezuela since 1998 and currently holds six exploration and production licenses across the Gulf of Venezuela, the Gulf of Paria and the Orinoco Belt. In natural gas, it operates the offshore Perla field through Cardón IV, a joint venture equally owned by Eni and Spain’s Repsol. Perla is described as Latin America’s largest offshore gas discovery. Eni said its attributable production reached 64,000 barrels of oil equivalent per day in 2025, mainly from Perla, which supplies about 35% of Venezuela’s total gas consumption.

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The CPPH, which is valid for 25 years with the possibility of extension, grants Eni exclusive operator status in the Junín 5 area, with full responsibility for the project’s technical, financial and commercial management.