Eni Takes Operatorship of Venezuela's Junín-5 Oil Field
Italian energy giant Eni has taken direct responsibility for Venezuela's massive Junín-5 oil field, one of the country's key resources. The 25-year deal with state-owned PDVSA gives Eni control over the field's technical, financial, and commercial management.
The agreement was signed during a visit to Venezuela by U.S. Energy Secretary Chris Wright, highlighting renewed attention from Washington on the country's energy sector. Junín-5 holds an estimated 35 billion barrels of oil in place, with current production levels at around 12,000 barrels per day.
Eni has maintained a presence in Venezuela since 1998 and currently produces about 64,000 barrels of oil equivalent per day from the offshore Perla gas field. The new deal deepens Eni's role in the country as it seeks to revive its oil and gas production.