What is Eni's planned production target in Venezuela, and what role will it play in the Junín 5 field under the new agreement?

Eni SpA aims to eventually lift its Venezuelan oil production to more than 1 million barrels a day, including volumes from PDVSA. As part of this plan, Eni will become the exclusive operator of the Junín 5 heavy-oil field in Venezuela’s Orinoco Belt, taking full responsibility for its technical, financial, and commercial management — a shift from its prior joint interest with PDVSA since 2010.

What are the expected output, investment, and resource scale for the Junín 5 field under Eni's new agreement?

The Junín 5 field is expected to reach production of about 400,000 barrels a day by the end of the decade, with annual investment of around $1.5 billion, and contains approximately 35 billion barrels of certified oil.

Italy's Eni Plans Major Increase in Venezuela Oil Production

Sep 2, 2026

Eni plans to become the exclusive operator of Venezuela's Junín 5 heavy-oil field, aiming to boost national production to over 1 million barrels daily with substantial investment. The deal aligns with US efforts to revive Venezuela's oil sector amidst rising global fuel prices.

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