Eni to Restart Junin-5 Heavy Oil Project Holding 35 Billion Barrels in Venezuela
Eni has agreed to restart the Junin-5 heavy oil project in Venezuela, where 35 billion barrels of oil are in place, in a venture with PDVSA holding 60% and Eni 40%. Recent US licenses permit limited oil and gas activity and recovery of roughly $3 billion owed by PDVSA.
1. Junin-5 Project Restart
Eni and state-owned PDVSA have finalized terms for the Junin-5 heavy oil project in the Orinoco Belt, with PDVSA holding 60% and Eni 40%. The field contains an estimated 35 billion barrels of oil in place and had remained inactive due to sanctions and payment disputes.
2. US License Changes and Debt Recovery
New US licenses now allow companies to engage in limited oil and gas operations in Venezuela and establish mechanisms to reclaim outstanding receivables. Eni is positioned to recover about $3 billion owed by PDVSA, which could bolster cash flow ahead of project ramp-up.
3. Existing Venezuelan Operations
In 2025 Eni’s Venezuelan output averaged roughly 64,000 barrels of oil equivalent per day, driven by the Cardon IV gas project and the Perla field, which serve about 35% of national gas demand. Eni has agreements in place to maintain and potentially increase Cardon IV production and explore export opportunities with other partners.