(WO) - Eni S.p.A. has signed an agreement with Venezuela’s Ministry of Hydrocarbons and state-owned PDVSA to relaunch oil operations at the Junin-5 project in the Orinoco Belt. 

The agreement was announced following a meeting in Caracas between Eni CEO Claudio Descalzi and Acting President Delcy Rodríguez, alongside government and PDVSA officials.

Junin-5, in which PDVSA holds a 60% stake and Eni 40%, is located in the Orinoco Belt and is estimated to contain approximately 35 Bbbl of oil in place. The programmatic agreement is aimed at advancing development of the heavy oil asset as Venezuela works to restore upstream activity.

Eni said the discussions covered current operations as well as “future prospects and opportunities” in the country.

In addition to oil, Eni continues to expand its gas portfolio in Venezuela. The company operates the Perla field in the Cardón IV license, the largest offshore gas discovery in Latin America, through a joint venture with Repsol S.A.. A recently signed sustainability agreement is intended to support continued production from the field while increasing volumes for the domestic market and enabling future export options.

Eni also holds interests in the PetroSucre joint venture, which operates the Corocoro offshore field, and in downstream petrochemical operations.

The company has been active in Venezuela since 1998 and reported production of approximately 64,000 boed in 2025, primarily from gas operations at Perla.