Eni Secures Junin 5 Deal, Eyes Debt Recovery in Venezuela
Italian energy company Eni has secured a deal to develop the Junin 5 heavy oil project in Venezuela's Orinoco Belt, potentially paving the way for recovery of its $2.3 billion debt owed by state-owned PDVSA.
The agreement marks a significant step forward for Eni, which has been operating in Venezuela for nearly three decades and accumulated the receivables from PDVSA.
Eni's decision to remain committed to the country despite political upheaval and US sanctions has begun to yield results, with the company securing a key role in US-backed efforts to revive Venezuela's oil industry.
The Junin 5 project is expected to produce 400,000 barrels per day by 2030, up from its current output of 12,000 barrels per day. Eni and PDVSA plan to invest $1.5 billion annually in the project.