What is Eni's projected production capacity for the Junin 5 oilfield, and how does it compare to current output?

Eni stated that Junin 5 production could increase to a plateau level of 200,000 barrels of oil per day (bpd) from its current output of 12,000 bpd, as presented in one of the slides from its second-quarter results.

Why does Eni expect fast development at Junin 5, and what type of contract is it pursuing?

Eni’s CEO Claudio Descalzi said development at Junin 5 would be very fast—unlike standard upstream projects requiring four or five years of investment—because the company aims to sign a production sharing contract, not a joint venture, under Venezuela’s new legal framework approved in late January.

Eni Eyes Fast Development for Venezuela's Junin 5 Oilfield

Jul 29, 2026

Eni targets rapid development of Venezuela's Junin 5 oilfield, projecting production growth from 12,000 to 200,000 barrels daily. Negotiations with PDVSA aim to finalize contracts under the country's new legal framework.

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Eni Eyes Fast Development for Venezuela's Junin 5 Oilfield

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