Eni Secures 25-Year Agreement to Operate Venezuelan Heavy Oil Field
Source Summary
Eni finalized a 25-year agreement with Venezuela's state oil company PdVSA to operate the Junin-5 heavy oilfield in the Orinoco Belt, containing an estimated 35 billion barrels. The deal allows Eni to relaunch production activities at the field.
Why it matters
The agreement provides Eni access to a major heavy oil reserve and establishes long-term production capacity in one of the world's largest proven oil reserves.
