The Daily Journal.- Italian energy company Eni announced Wednesday that it has begun operations at the Junín-5 supergiant oil field in Venezuela’s Orinoco Oil Belt, where it expects to produce up to one million barrels of oil per day (bpd).
The announcement comes less than two months after the company signed the Hydrocarbon Production Sharing Contract on September 2 in Caracas. Under the agreement, Eni will serve as the project’s sole operator and assume full technical, financial, and commercial responsibility.
The field contains 35 billion barrels of certified heavy crude oil in place. The development plan includes rehabilitating abandoned wells and launching an extensive drilling campaign to develop new wells.
Phase 1 aims to increase production to 200,000 barrels per day by 2028. To achieve this target, the company will use existing infrastructure in the area to optimize project timelines and investment costs.
Institutional support and Eni’s other operations in Venezuela
In a statement, the company said that “the rapid launch of activities at Junín-5 was possible thanks to the support of the Ministry of Hydrocarbons and PDVSA.” Eni emphasized that developing the field represents a key component of its strategy to expand its presence in Venezuela.
This phase “will allow the company to capitalize on the significant potential of one of the country’s main oil-producing regions through the new contractual model,” the Italian energy company stated on its website.
Eni in Venezuela
Eni also holds a stake in the Perla natural gas field through Cardón IV, a joint venture in which it shares equal ownership with Repsol. In 2025, Eni’s share of hydrocarbon production in Venezuela averaged 64,000 barrels of oil equivalent per day.
“Cardón IV recently signed the Sustainability Agreement, which aims to maintain and sustainably relaunch production at Perla, increasing volumes for the domestic market and establishing the conditions for future gas exports,” the company stated.
The Italian energy company also holds a 26% stake in the PetroSucre joint venture, alongside PDVSA, which owns the remaining 74%. PetroSucre operates the offshore Corocoro oil field. Eni also maintains an ownership interest in Supermetanol, a petrochemical company specializing in methanol production.
Eni has operated in Venezuela since 1998. The company holds six exploration and production licenses in the country, covering offshore areas in the Gulf of Venezuela and the Gulf of Paria, as well as onshore areas in the Orinoco region.
In 2025, Eni’s hydrocarbon production in Venezuela reached 64,000 barrels of oil equivalent per day, primarily from the Perla gas field, which accounts for approximately 35% of the country’s total natural gas consumption.
With information from Eni.
