What specific oil project in Venezuela's Orinoco Belt has Eni agreed to restart, and with whom?

Eni SpA agreed to restart the Junín-5 venture in Venezuela’s Orinoco Belt through an agreement with state-owned Petróleos de Venezuela SA (PDVSA), following a meeting between CEO Claudio Descalzi and interim President Delcy Rodríguez in Caracas.

How much oil equivalent did Eni produce in Venezuela in 2025, and what share of the country's gas consumption did it supply?

In 2025, Eni’s production in Venezuela averaged about 64,000 barrels of oil equivalent per day, largely from the Perla field, accounting for roughly 35% of the country’s gas consumption.

Italy’s Eni Expands Venezuela Push With Orinoco Oil Deal

Apr 28, 2026

Eni SpA agreed to restart an oil project in Venezuela’s Orinoco Belt following eased US sanctions. The deal involves resuming work at the Junín-5 venture and collaborating with Repsol on gas exports from the Perla field.

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