Eni and Venezuela's state oil company PDVSA have signed a 25-year contract for development of the Junín 5 heavy oil field in the Orinoco Belt. The agreement makes Eni the exclusive operator of the area, with responsibility for the technical, financial and commercial management of the project. The contract includes an option for an extension.

The arrangement moves the field from the existing Petrojunín joint venture operating model into a new contractual framework. Eni holds 40% of Petrojunín and PDVSA holds 60%. The companies had signed heads of terms in April 2026, ahead of the new production contract announced in September.

Eni says Junín 5 contains 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day. Oil in place is a measure of the volume present in the reservoir and should not be confused with recoverable reserves. The agreement gives Eni a route to plan field development and manage future investment, although the company has not announced a specific production target, capital budget or schedule for additional facilities.

Bringing more heavy oil to market will require decisions on wells, handling and processing systems, transport infrastructure and the commercial framework for output. Under the contract, Eni will oversee these aspects as operator. The scale of the resource makes Junín 5 a significant long-term development opportunity, while the present production figure shows the difference between oil in place and volumes already flowing from the field.

Eni has operated in Venezuela since 1998 and also has natural gas and offshore oil interests in the country. Through the Cardón IV company, held equally with Repsol, it operates the Perla offshore gas field. Eni says that field accounts for a substantial share of Venezuelan gas consumption. The company also holds an interest in the PetroSucre venture, which operates the Corocoro offshore oil field. Its new Junín 5 role adds a large onshore heavy oil project to that existing portfolio.