Eni Signs Deal to Restart Venezuelan Heavy-Oil Project

• Eni and PDVSA are partners in the Junin 5 project in the Orinoco Belt, which holds approximately 35 billion barrels of certified oil in place
• Eni's current production in Venezuela was 64,000 barrels of oil equivalent per day in 2025
• The agreement was signed in presence of Venezuela's interim President Delcy Rodriguez, who called it 'one of the most important bets on our country in recent times'

Summary: Eni Signs Deal to Restart Venezuelan Heavy-Oil Project

Italian energy company Eni signed an agreement on April 28 with Venezuela's oil ministry and state-run PDVSA to relaunch a heavy crude project in the Orinoco Belt. The deal was signed in Caracas and broadcast on state television, with Venezuela's interim President Delcy Rodriguez and Eni CEO Claudio Descalzi in attendance.

Key Details

The agreement focuses on the Junin 5 project in the Orinoco Belt, which holds approximately 35 billion barrels of certified oil in place. Eni, which has operated in Venezuela since 1998, also partners with PDVSA in the Petrosucre shallow-water crude project and collaborates with Spain's Repsol on the Cardon IV offshore gas project and methanol production.

Eni's current production in Venezuela stands at 64,000 barrels of oil equivalent per day as of 2025. The company's investment plan is under development and expected to be completed by year-end.

Market Context

This agreement is part of Venezuela's broader oil reform initiative, with the government conducting comprehensive contract reviews across the industry. Other major energy companies including U.S.-based Chevron, British Shell, and Spain's Repsol have recently signed similar preliminary agreements to confirm or expand their Venezuelan operations.

Implications

Rodriguez characterized the deal as "one of the most important bets on our country in recent times," signaling Venezuela's push to revitalize its struggling oil sector by securing commitments from international energy partners. The move could increase global heavy crude supply and strengthen Venezuela's position in the energy market.