Italy’s energy group Eni has entered into a programmatic agreement with Venezuela’s Ministry of Hydrocarbons and PDVSA to restart oil operations in Venezuela, notably the Junin-5 project (PDVSA 60%, Eni 40%), located in the Orinoco Belt, a heavy crude field holding 35 Gbl of certified oil in place (Eni press release, 30/04/2026).
According to Eni, the discussions addressed both ongoing activities and “future prospects and opportunities” within the country. Beyond oil, Eni is also continuing to strengthen its gas portfolio in Venezuela. The company operates the Perla field under the Cardón IV license, the largest offshore gas discovery in Latin America, through a 50:50 joint venture with Spain’s Repsol, said ENI. A recently concluded sustainability agreement aims to support continued production at the field, increase volumes supplied to the domestic market, and facilitate future export opportunities, as stated in the company’s press release.
In 2025, Eni’s hydrocarbon production in the country reached 64 kboe/d, mainly derived from the Perla gas field, accounting for approximately 35% of Venezuela’s total gas consumption.
At the same time, BP and the Venezuelan government have signed a Memorandum of Understanding, under which the company is expected to develop the Cocuina-Manakin gas field located on the maritime border with Trinidad and Tobago, and to explore potential joint opportunities at the offshore Loran field. Cocuina is the Venezuelan part of the Deltana Platform project that had remained inactive and extends into Trinidad, where a BP-owned subsidiary operates Block 5b. The parties did not disclose any details regarding investment amounts or the production capacity of the fields.
Venezuela has recently concluded agreements for exploration and related services with international companies, including Repsol and others, following the January 2026 intervention by the United States.