Eni Takes Operator Role at Venezuelan Oil Field with 35 Billion Barrels

Italian energy company Eni has reached an agreement with Venezuelan state oil company PDVSA to jointly develop the Junín 5 oil field in Venezuela's Orinoco Belt. The deal grants Eni the role of exclusive Operator, with full responsibility for technical, financial, and commercial management.

The Junín 5 oil field is estimated to hold reserves of 35 billion barrels, with current production standing at around 12,000 barrels per day. Eni has operated in Venezuela since 1998 and holds six extraction licenses in the country, covering various areas.

Under the terms of the agreement, Eni will manage the project for a period of 25 years, with the possibility of extension. The deal marks a significant development in Venezuela's oil sector, which has been in decline due to mismanagement under previous leaders.