Eni and PdVSA Agree 25-Year Terms to Restart Junin-5 Oilfield
Italian major Eni has concluded an upstream agreement with Venezuela's state producer to reactivate the heavy crude asset in the Orinoco Belt.
Italian energy company Eni has entered into a 25-year agreement with Venezuela's state-owned energy firm Petróleos de Venezuela S.A. (PdVSA) to recommence operations at the Junin-5 heavy oilfield.
The Junin-5 asset, located within Venezuela's Orinoco Belt, holds estimated crude resources of approximately 35 billion barrels. Under the finalized contractual terms, the partnership will focus on the resumption and revitalization of production activities across the field.
The long-term pact establishes a framework for ongoing upstream collaboration between the international energy operator and the Venezuelan state producer, targeting the development of the region's dense oil reserves.
The move marks a formal step toward restoring field-level productivity within the Junin sector of the Orinoco Belt through extended bilateral operational commitments.
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