Venezuela, Eni signs 35 billion barrels oil deal

The president in charge of the Bolivarian Republic of Venezuela, Delcy Rodriguez, in the presence of the Venezuelan government's Minister of Hydrocarbons, Paula Henao, and the CEO of the state company Pdvsa, Héctor Obregón, met today in Caracas with Eni's CEO, Claudio Descalzi. Eni's CEO updated the president on Eni's current activities in the country and outlined future prospects and opportunities.

Eni signed with the Minister of Hydrocarbons and Pdvsa a programme agreement to release oil production, in particular of Junin-5 (PDVSA 60%, Eni 40%), located in the Orinoco Faja, a heavy oil field containing35 billion barrels in certified place.

In Venezuela, Eni is also involved in the development of natural gas projects. In particular, Eni operates, through the company Cardon IV, jointly owned by Eni (50%) and Repsol (50%), the Perla field in the Cardón IV licence, the largest offshore gas field discovered in Latin America. Recently, Cardón IV signed the Sustainability Agreement to sustainably continue and re-launch production from Perla, increasing volumes for the domestic market and defining conditions for additional future gas exports. Eni also holds a stake in the joint venture PetroSucre (Pdvsa 74%, Eni 26%), which operates the Corocoro offshore oil field, and a stake in Supermetanol, a petrochemical company active in methanol production. Eni has been present in Venezuela since 1998. The company holds six mining licences 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 share of hydrocarbon production in the country was 64 thousand boe/day, mainly from the Perla gas field, which accounts for approximately 35% of the total gas consumed in the country.