Eni Begins Operations at Venezuela Oil Field

By Joshua Kirby

Italian oil-and-gas company Eni said it started operations at its Junin-5 field in Venezuela, marking the latest step in its expansion in the South American nation.

Eni said the first phase of operations will see "significant" production growth, reaching 200,000 barrels of oil a day by 2028.

"The project will also leverage existing infrastructure in the area, optimizing execution timelines and investments," Eni said Wednesday.

The company early last month signed a contract for the development of the Junin-5 field in the Orinoco Oil Belt.

Chief Executive Officer Claudio Descalzi signed the partnership alongside acting Venezuelan president Delcy Rodriguez and U.S. Energy Secretary Chris Wright, as well as the CEO of Venezuela's state oil-and-gas company PDVSA, in a sign of warming relations between the West and the Venezuelan government following the capture of President Nicolas Maduro by U.S. special forces in January.

Eni, which has operated in Venezuela for decades, said the start of activities at Junin-5 is a cornerstone of its strategy to expand its upstream presence in Venezuela. The kick-off will "make it possible to enhance the substantial potential of one of the country's most significant oil-producing areas under the new contractual framework," Eni said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

October 28, 2026 12:15 ET (16:15 GMT)