Eni Aims for Major Venezuelan Oil Boost Amid US Revival Efforts

Italian energy company Eni plans to significantly increase its oil production in Venezuela. According to people familiar with the matter, Eni aims to boost output from Venezuelan operations to over 1 million barrels per day, a move that could help revive the country's struggling crude industry. This would be a major expansion for Eni, which currently averages about 64,000 barrels of oil equivalent per day in Venezuela.

Eni is set to announce an agreement with state-owned Petróleos de Venezuela SA (PDVSA) on Wednesday to develop the Junín 5 heavy-oil field in Venezuela's Orinoco Belt. The company will become the exclusive operator of the area, taking responsibility for technical, financial, and commercial management. Junín 5 is expected to reach production of about 400,000 barrels per day by the end of the decade, with investment of around $1.5 billion per year.

The plans come as US President Donald Trump's administration prepares to unveil a flurry of deals designed to demonstrate private companies' commitment to helping boost Venezuelan crude production. The White House expects more than a dozen agreements to be announced on Wednesday, including one with Chevron Corp., which is significantly expanding its Venezuela operations. Shell Plc, BP Plc, and Spain's Repsol SA are also expected to sign agreements.