Eni signs agreement aimed at relaunching heavy oil activity in Venezuela
Key Highlights
- Eni signed an agreement to relaunch oil activities in Venezuela.
- The agreement covers the Junin-5 field in the Orinoco Belt.
- Other Eni Venezuelan interests include offshore Perla and Corocoro fields.
Eni signed a programmatic agreement with the Ministry of Hydrocarbons and Petroleos de Venezuela SA (PDVSA) aimed at relaunching certain oil activities in Venezuela.
The agreement specifically covers Junin-5 in the Orinoco Belt, a heavy oil field containing 35 billion bbl of certified oil in place. PDVSA owns 60% of the field and Eni owns the remaining 40%.
Eni is also involved in the development of natural gas projects in the country. Eni operates Perla natural gas field in the Cardón IV license in the Gulf of Venezuela, through Cardón IV, a company jointly owned by Eni (50%) and Repsol (50%). It is the largest offshore gas field discovered in Latin America. Cardón IV recently signed a sustainability agreement, which aims to continue and relaunch Perla production.
Other Eni ventures in Venezuela include a stake in the joint venture PetroSucre (PDVSA 74%, Eni 26%), which operates Corocoro offshore field.
In 2025, Eni's produced about 64,000 boe/d in Venezuela, mainly from Perla gas field, which represents about 35% of the country's total gas consumption.