Eni Doubles Down on Venezuela with Junin 5 Heavy Oil Project

Italian oil company Eni has doubled down on its commitment to Venezuela after nearly three decades of operations there.

The company has signed a new deal with state-owned PDVSA to develop the Junin 5 heavy oil project in the Orinoco Belt, securing a key role in U.S.-backed efforts to revive the country's oil industry.

Eni expects output at Junin 5 to reach 400,000 barrels per day by 2030, up from current levels of around 12,000 bpd.

The project will involve a $1.5 billion annual investment and will convert Eni's existing stake in the field to a 25-year production-sharing agreement with Eni acting as the field operator.