Eni has commenced operations at Venezuela’s supergiant Junín-5 heavy oil field in the Orinoco Belt, less than two months after signing a new production agreement, marking a major step in the company’s efforts to expand its upstream activities in the country.

The start of operations follows the signing of the “Contrato de Participación Productiva de Hidrocarburos” on September 2, in the presence of Acting President Delcy Rodriguez and Eni Chief Executive Officer Claudio Descalzi, during the visit to Caracas by US Secretary of Energy Chris Wright.

Eni is the sole operator of Junín-5, with full responsibility for its technical, financial and commercial management.

The onshore field contains approximately 35 billion barrels of certified oil in place, making it one of Venezuela’s largest hydrocarbon resources.

The development programme includes restoring abandoned wells and launching an intensive drilling campaign to bring new wells into production.

Under the first phase, output is expected to increase significantly, reaching 200,000 barrels per day by 2028.

The project will also utilise existing infrastructure in the area to optimise investment requirements and accelerate development timelines.

Eni said the rapid commencement of activities was supported by Venezuela’s Ministry of Hydrocarbons and state-owned oil company PDVSA.

The development is a central part of the company's strategy to expand its upstream presence in Venezuela and unlock the potential of the Orinoco region under the new contractual framework.

Beyond Junín-5, Eni maintains interests in several Venezuelan oil and gas projects.

Through Cardón IV, an equally owned joint venture with Repsol, the company operates the Perla field, the largest offshore gas discovery in Latin America.

Cardón IV recently signed a Sustainability Agreement to support the continuation and expansion of Perla’s production, increase gas supplies to the domestic market and establish conditions for potential additional exports.

Eni also holds a 26 per cent stake in PetroSucre, alongside PDVSA, which owns 74 per cent. The joint venture operates the offshore Corocoro oil field.

The Italian energy company also has an interest in Supermetanol, a petrochemical producer specialising in methanol.

Eni has operated in Venezuela since 1998 and holds six hydrocarbon licences across the Gulf of Venezuela, Gulf of Paria and Orinoco region.

In 2025, the company’s share of Venezuelan hydrocarbon production averaged 64,000 barrels of oil equivalent per day (boe/d), primarily from the Perla gas field, which supplies approximately 35 per cent of the country’s total gas consumption. -OGN/TradeArabia News Service