Eni Takes 25-Year Operator Role at Venezuela’s Junín 5

Eni and Venezuela’s PDVSA have signed a 25-year production contract that makes the Italian energy company exclusive operator of the Junín 5 heavy-oil field in the Orinoco Belt.

By Carolina Curiel
Published September 9, 2026

Eni Becomes Exclusive Operator of Junín 5

MONTREAL (Oil Monster): Eni and Venezuelan state oil company PDVSA have signed a “Contrato de Participación Productiva de Hidrocarburos,” or CPPH, covering development of the Junín 5 heavy-oil field in the onshore Orinoco Belt.

The agreement was signed in the presence of Acting President Delcy Rodríguez during a visit to Venezuela by U.S. Secretary of Energy Chris Wright. Venezuelan Hydrocarbons Minister Paula Henao, PDVSA Chief Executive Héctor Obregón and Eni Chief Executive Claudio Descalzi were also present.

25-Year Contract Changes the Operating Structure

The agreement completes a process that began with the signing of Heads of Terms on April 28, 2026.

Under the previous structure, Junín 5 operated through the Petrojunín joint venture, in which PDVSA holds 60% and Eni 40%. The new arrangement moves the project to the CPPH framework introduced under Venezuela’s Organic Hydrocarbons Law approved in January 2026.

The CPPH has an initial duration of 25 years, with the possibility of extension. It gives Eni the role of exclusive operator and responsibility for the project’s technical, financial and commercial management.

Junín 5 Holds 35 Billion Barrels in Place

Junín 5 is a heavy-oil field containing 35 billion barrels of certified oil in place. Current production is approximately 12,000 barrels per day.

Eni CEO Claudio Descalzi said the agreement represents “a new pillar for the revival of the country’s oil and gas sector” and pointed to energy security and diversified supply routes as important to global stability.

Descalzi said becoming operator of Junín 5 also recognizes Eni’s ability to execute complex projects and reinforces the company’s long-standing presence in Venezuela.

Eni Maintains Wider Oil and Gas Operations in Venezuela

Eni also participates in several other Venezuelan energy projects.

Through Cardón IV, jointly owned by Eni and Repsol on a 50-50 basis, Eni operates the Perla field in the Gulf of Venezuela. The company describes Perla as the largest offshore gas field discovered in Latin America.

Cardón IV recently signed a Sustainability Agreement covering the continuation and expansion of Perla production, increased supplies to Venezuela’s domestic market and conditions for potential additional gas exports.

Eni also holds a 26% stake in the PetroSucre joint venture, with PDVSA holding 74%. PetroSucre operates the offshore Corocoro oil field. Eni also has a stake in methanol producer Supermetanol.

Eni Has Operated in Venezuela Since 1998

Eni has been present in Venezuela since 1998 and holds six licences covering offshore areas in the Gulf of Venezuela and Gulf of Paria, as well as onshore acreage in the Orinoco region.

In 2025, Eni’s equity hydrocarbon production in Venezuela was 64,000 barrels of oil equivalent per day, mainly from the Perla gas field. According to Eni, Perla supplies approximately 35% of Venezuela’s total gas consumption.

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Source: Eni