Eni signs contract to operate Venezuela’s Junín-5 oil field
The 25-year agreement grants exclusive technical and financial management rights for the 35-billion-barrel heavy oil asset located in the Orinoco Belt.
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Global integrated energy company advancing the energy transition
eni.comLast updated
In short: Eni announced major oil and gas expansions in Venezuela and Egypt while reporting strong H1 2026 results and a €3.4 billion buyback.
The 25-year agreement grants exclusive technical and financial management rights for the 35-billion-barrel heavy oil asset located in the Orinoco Belt.
The partnership adds natural CO₂ removal via forestry and enhanced methane monitoring based on international standards to their existing strategy.
The initiative provides companies, start-ups, and research centres access to HPC6 and HPC7 supercomputers for AI solutions and digital innovation.
The project targets first gas in 2028 using existing Egyptian infrastructure to export LNG to Europe.
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