Eni plans rapid development of Venezuela's Junín 5 oil block

Italian energy company Eni announced it aims to accelerate development of the Junín 5 oil block in Venezuela's Orinoco Belt. Chief executive Claudio Descalzi said the firm is in strong dialogue with the Venezuelan minister and PDVSA, and intends to sign a production‑sharing contract rather than a traditional joint‑venture.

Eni expects output from the field to rise sharply, from the current 12,000 barrels per day to a potential 200,000 barrels per day, based on existing infrastructure and certified reserves. The accelerated timeline is linked to recent adjustments of Venezuela's hydrocarbons law, which Eni and other foreign partners are negotiating to align existing contracts with the new legal framework.

Eni has been operating in Venezuela since 1998 and is collaborating with PDVSA on both the Junín 5 project and the offshore Petrosucre field.