In the presence of the president in charge of the Bolivarian Republic of Venezuela, Delcy Rodriguezas part of the US Energy Secretary’s visit to Venezuela Chris Wrightand in the presence of the Minister of Hydrocarbons of the Venezuelan Government, Paula Henaoof the CEO of the state company Pdvsa, Hector Obregonand the CEO of Eni, Claudio DescalziEni and Pdvsa signed the “Contrato de Participación Productiva de Hidrocarburos” (Cpph) relating to the development of the large-scale giant field Junin 5located onshore in the Orinoco Faja.
The signing of the CPPH represents the completion of the path started with the signing of the Head of Terms of 28 April 2026 with the aim of relaunching oil production through the transition from the current operating model of the “empresa mixta” Petrojunín (Eni 40%, Pdvsa 60%) to the new contractual regime of the CPPH, introduced by the Organic Law of Hydrocarbons, approved by the Venezuelan Assembly in January 2026. This is what is reads in a note.
The details of the agreement and the Junín 5 field
The Cpph, lasting 25 years with the possibility of extension, attributes to Eni the role of exclusive operator of the Junín 5 area, with full responsibility for the technical, financial and commercial management of the project. Junín 5 is a heavy oil field containing 35 billion certified barrels in place. It currently produces around 12 thousand barrels a day.
Statements by CEO Claudio Descalzi
“This agreement represents a new pillar for the relaunch of the oil & gas sector in the country, which takes place precisely in a historical phase in which energy security, based on abundance of resources and diversification of supply routes, is vital for global balance”. This is the comment of Eni’s CEO, Claudio Descalzi.
“Venezuela – he continued – can thus embark on a path of energy development and economic growth that can bring great benefit to the local population and global energy availability. The operatorship of an important area like Junin-5 is recognition of our ability to quickly and efficiently carry out complex projects, and enhances our historical presence in the country, which we have never abandoned, continuing to supply energy to the local population even in the most difficult moments”.
Eni’s strategic presence in Venezuela
In Venezuela, Eni is also involved in the development of natural gas projects. In particular, Eni operates through the company “Cardon IV”, equally owned by Eni (50%) and Repsol (50%), the Perla field, in the Cardón IV license, the largest offshore gas field discovered in Latin America. Recently Cardón IV signed the Sustainability Agreement which plans to continue in a sustainable manner and relaunch Perla’s production, increasing the volumes destined for the domestic market and defining the conditions for additional future gas exports.
Eni also holds a stake in the joint company PetroSucre (Pdvsa 74%, Eni 26%) which operates the Corocoro offshore oil field and a stake in Supermethanol, 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 share in the country amounted to 64 thousand boe/d, mainly coming from the Perla gas field, which represents approximately 35% of the total gas consumed in the country.