Eni Secures Exclusive Operating Rights to Junín 5 Oil Field
Italian energy giant Eni has signed a contract to become the operator of Venezuela's Junín 5 oil field, one of the country's largest heavy-oil fields. The contract grants Eni a 25-year exclusive operating period with full responsibility for technical, financial, and commercial management.
The Junín 5 field is estimated to hold 35 billion barrels of certified oil in place and currently produces around 12,000 barrels per day. The signing marks the completion of a process launched earlier this year to revive Venezuela's oil production through a transition from an existing operating model to a new contractual regime established under the Organic Hydrocarbons Law.
Eni's CEO Claudio Descalzi said the agreement represents 'a new pillar for the revival of the country's oil and gas sector' at a time when energy security is crucial for global stability. Venezuela can now embark on a path of energy development and economic growth that brings significant benefits to the local population and global energy availability.