Eni signs agreement for Venezuelan Orinoco Belt field
Key Highlights
- Eni signed a 25-year agreement for Junín 5 oil field, with options for extension.
- The Junín 5 project involves managing a heavy oil field with 35 billion bbl in place.
Eni SPA signed the Contrato de Participación Productiva de Hidrocarburos (CPPH) relating to the development of Junín 5 oil field onshore in the Orinoco Belt, Venezuela.
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 containing 35 billion bbl of certified oil in place and currently produces about 12,000 b/d.
The signing of the CPPH marks the completion of the process launched with the signing of the Head of Terms on Apr. 28, 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 holds six mining licenses in the country, offshore in the Gulf of Venezuela and the Gulf of Paria, and onshore in the Orinoco region.
Eni is engaged in the development of natural gas projects through the Cardón IV company, jointly owned by Eni (50%) and Repsol (50%). Eni operates Perla field within the Cardón IV license, the largest offshore gas field discovered in Latin America. Cardón IV recently signed the Sustainability Agreement, which provides for the sustainable continuation and expansion of Perla’s production, increasing volumes supplied to the domestic market and defining the conditions for future additional gas exports.
Eni also holds a stake in the PetroSucre joint venture (PDVSA 74%, Eni 26%), which operates offshore Corocoro oil field.
In 2025, Eni’s equity hydrocarbon production in the country amounted to 64,000 boe/d, mainly from Perla gas field, which accounts for about 35% of the country’s total gas consumption.