Eni has started operations at the Junín-5 heavy oil field in Venezuela’s Orinoco Belt, after signing a production participation contract with the new government in September 2026 (Eni press release, 30/10/2026). As sole operator, Eni plans to restore abandoned wells and launch a new drilling campaign, targeting production of 200,000 bbl/d by 2028. The field contains an estimated 35 Gbl of certified oil in place and will benefit from existing infrastructure.
Eni holds six mining licenses in the country, located offshore in the Gulf of Venezuela and the Gulf of Paria, and onshore in the Orinoco region. In 2025, Eni produced 64 kboe/d, mainly from the Perla gas field, which accounted for about 35% of the total gas consumed in the country.
Since 2020, crude oil and NGL production in Venezuela has increased by 11%/year to 1.2 mb/d in 2025 (+66% over 2020-2025, including +14% in 2025 alone). Previously, output fell by 19%year between 2013 and 2020 (-78%).