Eni signed a programmatic agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company PDVSA to relaunch oil activities, specifically at Junin-5 (PDVSA 60 per cent, Eni 40 per cent), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place.

In Venezuela, Eni is also involved in the development of natural gas projects.

In particular, Eni operates the Perla field in the Cardón IV license, the largest offshore gas field discovered in Latin America, located in the Gulf of Venezuela, through the company Cardón IV, jointly owned by Eni (50 per cent) and Repsol (50 per cent).

Cardón IV recently signed a Sustainability Agreement aimed at sustainably continuing and relaunching Perla production, increasing volumes destined for the domestic market and creating an outlet for future exports.

Eni also holds a stake in the joint venture PetroSucre (PDVSA 74 per cent, Eni 26 per cent), which operates the Corocoro offshore field, and a stake in Supermetanol, a petrochemical company active in methanol production.

Eni has been present in Venezuela since 1998.

The company holds six mining licenses in the country, located offshore in the Gulf of Venezuela and the Gulf of Paria, and onshore in the Orinoco region.

In 2025, Eni’s hydrocarbon production in the country amounted to 64,000 boe/d, mainly from the Perla gas field, which represents approximately 35 per cent of the country’s total gas consumption. -OGN/TradeArabia News Service