Eni's Junin-5 Oil Operations in Venezuela Set for Restart Under New Agreement
Eni S.p.A. has signed a programmatic agreement with Venezuela's Ministry of Hydrocarbons and state oil company PDVSA to restart operations at the Junin-5 oil field in the Orinoco Belt. This agreement establishes the legal and commercial framework necessary for future development, though it does not commit to immediate production increases. The Junin-5 block, with approximately 35 billion barrels of oil in place, is a significant asset within the Orinoco Belt, one of the world's largest petroleum accumulations. The agreement follows a high-level meeting in Caracas, signaling potential progress in reactivating Venezuela's oil production capabilities. 
