Eni Secures 25-Year Deal to Develop Venezuela's Junín 5 Oil Field

Italian energy company Eni has signed an agreement to develop the Junín 5 oil field in Venezuela's Orinoco Belt. The Contrato de Participación Productiva de Hidrocarburos (CPPH) grants Eni a 25-year contract with the possibility of extension, making it the exclusive operator and responsible party for technical, financial, and commercial management.

The Junín 5 field contains an estimated 35 billion barrels of certified heavy oil in place and currently produces around 12,000 barrels per day. The signing of the CPPH marks the completion of a process that began with the Head of Terms signed on April 28, 2026. This new contract is part of Venezuela's efforts to revive oil production by transitioning from its current operating model.

Eni has six mining licenses in Venezuela, both offshore and onshore, and is also involved in natural gas projects through the Cardón IV company, jointly owned with Repsol. The Perla field within the Cardón IV license is the largest offshore gas field discovered in Latin America.