The Italian company becomes the exclusive operator of the gigantic heavy crude oil field. A 25-year agreement with PDVSA, with the possibility of extension, is signed. This strategic move strengthens Italy’s presence in the Venezuelan energy sector.
It is one of Eni’s most important international operations in recent years. The Italian company has signed a new agreement with the Venezuelan state oil company PDVSA. Contrato de Participación Productiva de Hidrocarburos (CPPH) for the development of the deposit June 5, in the Orinoco Belt.
The agreement, signed on September 2 in Caracas in the presence of Venezuelan President Delcy Rodríguez and US Secretary of Energy Chris Wright, assigns Eni the role of exclusive operator of the area, with responsibility for the technical, financial and commercial management of the project. The contract will have a duration of 25 years, with the possibility of extension.
A deposit of gigantic dimensions
Junín 5 is one of the great oil treasures of the Orinoco Belt, one of the most important energy areas on the planet. According to Eni, the field contains 35 billion barrels of certified heavy oil in place.
Current production is however still very far from the potential of the deposit: approximately 12,000 barrels per day. The objective indicated by Eni in its plans is to progressively develop Junín 5 up to a production of approximately 180,000 barrels per day.
The production leap would therefore be enormous and would transform Junín 5 into one of the most significant projects in the Venezuelan strategy for the relaunch of the oil industry.
From joint venture to new model
The agreement also represents a transition from a previous corporate model to a new contractual formula introduced by the reform of Venezuelan hydrocarbons legislation.
Junín 5 was managed through PetroJunín, a joint venture in which PDVSA held a 60% stake and Eni a 40%. The new CPPH profoundly changes the operating framework, giving the Italian company direct responsibility for the project.
The final signature concludes the process started on April 28, 2026, when Eni, PDVSA and the Venezuelan Ministry of Hydrocarbons signed the programmatic agreement to relaunch Junín 5.
Italy’s bet on Venezuela
For Eni, this is not an entry into the Venezuelan market, but rather a strengthening of a presence that has lasted for almost thirty years. The company has been present in the country since 1998 and also operates in the natural gas sector.
Participation in the project is particularly important Pearl, through Cardón IV, a company owned 50% by Eni and 50% by the Spanish Repsol. In 2025, Eni’s production in Venezuela reached approximately 64,000 barrels of oil equivalent per day, mainly thanks to Perla gas.
Venezuela returns to the center of energy geopolitics
The Eni operation comes at a time of profound transformation in the Venezuelan oil sector. The country owns the largest proven oil reserves in the world, but for years it has seen production and investment collapse due to the economic crisis, operational difficulties and international sanctions.
Now Caracas is trying to attract major international energy groups again. Eni is not the only multinational to move: also Chevron has announced a massive expansion plan in Venezuela, while other international companies are negotiating new agreements with PDVSA.
The political and diplomatic context has also changed, with Washington committed to reviving Venezuelan production. The agreements with foreign companies are part of a broader strategy to bring investment, technology, and capital back into the country’s energy sector.
A game worth billions
The economic potential of Junín 5 is enormous, but equally important will be the investments needed to transform the reserves into actual production. Crude oil from the Orinoco Belt is in fact heavy oil, more complex and expensive to extract, process and transport than light oils.
Precisely for this reason, Eni’s technological and managerial capabilities will be crucial. The Italian company will not only have to increase production, but also address the infrastructure and operational challenges accumulated during the crisis years.
CEO Claudio Descalzi called the agreement a new pillar for the relaunch of the Venezuelan oil and gas sector, underlining the strategic importance of energy security and diversification of sources.
For Italy, Junín 5 represents much more than a simple oil contract: it is one of the most important Italian industrial projections in Latin America and an opportunity for Eni to assume a central role in the possible rebirth of the Venezuelan energy industry.