Eni signs 25-year Venezuela contract, takes operatorship of Junin-5 oil field
E•Eni takes control of Junín-5 under 25-year contract
Eni signed a 25-year hydrocarbon production participation contract with PDVSA to develop Venezuela’s onshore Junín 5 heavy-oil field.
The deal makes Eni the exclusive operator with full technical, financial and commercial control under a new regime introduced in January 2026.
Junín 5 holds 35 billion barrels of certified oil in place. Current output is about 12,000 barrels per day.
The contract completes a transition from the Petrojunín joint venture structure, previously held 40% by Eni and 60% by PDVSA.
