Eni Expands Venezuela Oil & Gas Partnership

The historic Eni logo, which includes the famous "six-legged dog" designed in 1952, representing the Italian multinational energy company

CARACAS - Eni has taken a decisive step forward in Venezuela's energy sector following high-level talks in Caracas with acting President Delcy Rodríguez. The Italian energy major and state oil company PDVSA agreed to relaunch the strategic Junín-5 oil project in the Orinoco Belt. The meeting also reinforced Eni's expanding footprint in Venezuela's offshore gas and petrochemical sectors. With multi-billion-barrel potential and key infrastructure already in place, the partnership signals a renewed phase of energy cooperation. The agreement underscores Venezuela's push to revive production while leveraging established international operators.

High-Level Energy Meeting in Caracas

Acting President of Bolivarian Republic of Venezuela Delcy Rodriguez meets with Eni CEO Claudio Descalzi. Delcy Rodriguez, Acting President of Bolivarian Republic of Venezuela, in the presence of the Venezuelan Minister of Hydrocarbons, Paula Henao, and the CEO of the state-owned company PDVSA, Héctor Obregón, met with Eni CEO, Claudio Descalzi, tuesday, 28 April 2026, in Caracas. Eni CEO updated the Acting President of Venezuela on Eni's current activities in the country and outlined future prospects and opportunities. Eni signed a programmatic agreement with the Ministry of Hydrocarbons and PDVSA to relaunch oil activities, specifically Junin-5 (PDVSA 60%, Eni 40%), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place.

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Expansion of Oil, Gas and Industrial Projects

In Venezuela, Eni is also involved in the development of natural gas projects. Specifically, Eni operates the Perla field in the Cardón IV license, the largest offshore gas field discovered in Latin America, located in the Gulf of Venezuela, through the company "Cardón IV”, jointly owned by Eni (50%) and Repsol (50%). Cardón IV recently signed the Sustainability Agreement, which aims to sustainably continue and relaunch Perla production, increasing volumes destined for the domestic market and creating an outlet for future exports. Eni also holds a stake in the joint venture PetroSucre (PDVSA 74%, Eni 26%), which operates the Corocoro offshore field and a stake in Supermetanol, a petrochemical company active in the production of methanol. Eni has been present in Venezuela since 1998. The Company 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's hydrocarbon production in the country amounted to 64,000 boe/d, mainly from the Perla gas field, which represents approximately 35% of the country's total gas consumption.

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