Eni Aims for 1M BPD in Venezuela as US Boosts Oil Production Efforts

Italian energy giant Eni SpA is ramping up its production in Venezuela, aiming to produce over 1 million barrels per day, a significant increase from its current output of around 64,000 barrels per day. The company plans to unveil an agreement on Wednesday to advance the massive Junín 5 field in the Orinoco Belt, where it will take on technical, financial, and commercial control.

The Junín 5 field is expected to produce around 400,000 barrels per day by the end of the decade, supported by $1.5 billion in annual investment. It holds approximately 35 billion barrels of certified crude oil.

Eni's efforts come as part of a broader US push to revive Venezuela's oil production. US Energy Secretary Chris Wright is visiting Caracas and is expected to announce more than a dozen agreements, including one with Chevron Corp., which will significantly increase its presence in the country.