Italy's Eni to develop giant Venezuelan oil field with 35 billion barrels
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Eni has become the operator of a massive oil field in Venezuela (Photo: magazine.alumni.ubc.ca)
Italian energy company Eni has reached an agreement with Venezuelan state oil company PDVSA to jointly develop the Junín 5 oil field in Venezuela's Orinoco Belt. The 25-year deal makes Eni the field's operator, according to the company’s announcement on Sept. 2.
"The signing of the CPPH marks the completion of the process launched with the signing of the Head of Terms on 28 April 2026, with the aim of reviving oil production through the transition from the current operating model of the Petrojunínjoint venture (Eni 40%, PDVSA 60%) to the new contractual regime established under the CPPH, introduced by the Organic Hydrocarbons Law approved by the Venezuelan National Assembly in January 2026," Eni said. "The CPPH, which has a duration of 25 years with the possibility of extension, grants Eni the role of exclusive Operator of the Junín 5 area, with full responsibility for the technical, financial and commercial management of the project."
Junín 5 is a heavy oil field with reserves estimated at 35 billion barrels.
Current production stands at about 12,000 barrels per day.
Eni has operated in Venezuela since 1998. The company holds six extraction 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 the country totaled 64,000 barrels of oil equivalent per day, primarily from the Perla gas field, which accounts for roughly 35% of the country's total gas consumption.
As previously reported, U.S. President Donald Trump said on Aug. 28 that the United States had signed the "biggest oil deal in world history" with Venezuela.
He said the deal gives the United States a controlling stake in more than 65 billion barrels of Venezuela's proven oil reserves, and that it would more than double U.S. oil reserves, significantly expand oil supply, and substantially lower gasoline prices for Americans.
On Aug. 28, Axios reported, citing two American officials, that the Trump administration was negotiating with Venezuela's transitional government to acquire a stake in the South American country's vast oil resources.
Trump reportedly began privately discussing ways to acquire a stake in Venezuelan oil fields even before he authorized the Jan. 3 arrest of Venezuelan dictator Nicolás Maduro, who faces narco-terrorism charges in New York.
Venezuela's oil sector has been in relative decline due to a legacy of mismanagement under Maduro and his predecessor, Hugo Chávez, who came to power in 1999.
U.S. Energy Under Secretary Kyle Haustveit said about half of the oil Venezuela currently produces is exported to the United States.
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