What specific heavy oil project in Venezuela's Orinoco Belt is Eni relaunching, and what is its estimated resource base?

Eni is relaunching the Junin 5 project in the Orinoco Belt, which holds 'some 35 billion barrels of certified oil in place'.

Who were the key signatories and officials present at the signing of Eni's agreement with Venezuela, and where did it take place?

The agreement was signed in Caracas in the presence of Venezuela's interim President Delcy Rodriguez, Eni's Chief Executive Claudio Descalzi, PDVSA's head Hector Obregon, and Venezuela's oil ministry Paula Henao, and it was broadcast on state TV.

Eni signs agreement to relaunch heavy oil project in Venezuela

Apr 28, 2026

Italy's Eni signed an agreement with Venezuela to relaunch a heavy crude project in the Orinoco Belt, with an investment plan due by year-end. Major energy firms including Chevron and Shell are similarly expanding partnerships amid Venezuela's ongoing oil reform.

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