Eni Inks Deal with Venezuela to Resume Operations at Junin-5 Heavy Crude Project

Deep News20:30

Italian energy major Eni has signed an agreement with Venezuela's Ministry of Hydrocarbons and state-owned oil company PDVSA to restart oil operations at the Junin-5 project located in the Orinoco heavy oil belt.

The agreement was finalized following a meeting in Caracas between Eni's Chief Executive Officer and Venezuela's acting President. Junin-5 is a heavy crude project in which PDVSA holds a 60% stake and Eni holds 40%. According to previous estimates by Eni, the certified oil in place at the field is approximately 35 billion barrels.

Eni also reported that it presented updates on its ongoing operational activities in Venezuela to government officials and outlined potential future opportunities.

The company is additionally involved in natural gas development projects, including the Perla gas field, operated jointly with Repsol within the Cardón IV license area. Perla is recognized as the largest offshore gas field discovered in Latin America. Recently, a sustainability agreement was signed for Cardón IV aimed at maintaining and increasing natural gas production for the domestic market while also supporting potential future exports.

Eni also holds interests in the PetroSucre joint venture, which operates the Corocoro offshore oil field, and in the petrochemical company Supermetanol. The company stated that its oil and gas production in Venezuela is expected to reach 64,000 barrels of oil equivalent per day in 2025, primarily sourced from the Perla gas field.

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