Eni restarts oil production at Venezuela's Junín-5 field

Italian energy company Eni SpA has reactivated oil production at the Junín-5 field within the Orinoco Belt in Venezuela. This move follows a new hydrocarbon production participation contract signed with Petróleos de Venezuela (PDVSA) in September 2026.

Under the new contractual framework, Eni assumes the role of exclusive operator, taking full responsibility for the technical, financial, and commercial management of the site. This replaces the previous joint venture model, Petrojunín, where Eni held a 40% stake and PDVSA held 60%.

The Junín-5 field is described as a supergiant reservoir containing approximately 35 billion certified barrels of heavy crude oil in place. Prior to the reactivation, the field's wells were producing roughly 12,000 barrels per day. Eni's development plan involves recovering abandoned wells and launching an intensive drilling campaign, with the goal of increasing production to 200,000 barrels per day by 2028.