Eni Signs 25-Year Deal to Operate Venezuela Oil Field

The Italian energy company Eni signed a 25-year Contrato de Participación Productiva de Hidrocarburos with Venezuela's state oil company PDVSA to become the exclusive operator of the Junín-5 heavy-oil field. The agreement, signed in Caracas, grants Eni full technical, financial, and commercial management of the field located in the Orinoco Belt. While the field contains an estimated 35 billion barrels of certified oil, current production is only 12,000 barrels per day.

Eni plans to invest approximately $1.5 billion annually to increase production. This transition from the previous Petrojunín joint-venture structure was made possible by a reformed hydrocarbons law approved in January 2026. The signing ceremony took place in the presence of Acting Venezuelan President Delcy Rodríguez and coincided with a visit by U.S. Energy Secretary Chris Wright.

This deal is part of a broader trend of returning foreign investment to the Venezuelan energy sector. In a separate development, Chevron Corp. announced a $7 billion investment plan to increase production in the country. Eni CEO Claudio Descalzi stated that the agreement represents a new pillar for the revival of the sector during a time when energy security is vital to global stability.