Eni Signs 25-Year Deal with PDVSA to Develop Junín 5 Oil Field in Venezuela

Italian energy giant Eni has signed a 25-year deal with Venezuela's state-owned oil company PDVSA to develop the Junín 5 oil field, located in the Orinoco Belt. The agreement marks the completion of a process launched in April, aiming to revive oil production by transitioning from a joint venture model to a new contractual regime established under Venezuela's Organic Hydrocarbons Law.

The 'Contrato de Participación Productiva de Hidrocarburos' (CPPH) grants Eni the role of exclusive Operator of the Junín 5 area, with full responsibility for technical, financial, and commercial management. The field contains 35 billion barrels of certified oil in place and currently produces around 12,000 barrels per day.

Eni Chief Executive Officer Claudio Descalzi commented: 'This agreement represents a new pillar for the revival of the country's oil and gas sector... Venezuela can now embark on a path of energy development and economic growth that can bring significant benefits to the local population and to global energy availability.'