Eni Signs Deal to Restart 35 Billion Barrel Junin-5 Heavy Oil Field
Eni signed an agreement with PDVSA and the Venezuelan oil ministry to restart Junin-5 operations, where it holds 40% of the 35-billion-barrel heavy oil field. The relaunch could lift Eni’s Venezuelan output above its 2025 level of 64,000 boe/d, bolstering its Cardon IV gas venture plus Corocoro and Supermetanol stakes.
1. Agreement Details
Eni CEO Claudio Descalzi met Venezuelan Acting President Delcy Rodriguez in Caracas to sign a programmatic agreement with the Venezuelan oil ministry and PDVSA. The accord outlines steps to rehabilitate infrastructure, secure funding and resume drilling at Junin-5 under a 40% Eni, 60% PDVSA partnership.
2. Junin-5 Field Overview
Junin-5, located in the Orinoco Belt, contains 35 billion barrels of certified heavy oil in place, ranking it among the largest undeveloped deposits in Venezuela. Initial production began in 2013 but volumes remained low due to years of underinvestment, operational disruption and sanctions-related constraints.
3. Portfolio Impact
Eni’s 2025 Venezuelan production averaged 64,000 boe/d, primarily from the Perla field via its 50-50 Cardon IV gas venture with Repsol. Restarting Junin-5 offers a pathway to significantly increase upstream output and improve returns on its Corocoro and Supermetanol stakes, while supporting longer-term gas export ambitions.