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Eni Wins 25-year Contract for Exclusive Operation of Giant Oil Field in Venezuela

MT Newswires·09/02/2026 23:21:58
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11:21 PM EDT, 09/02/2026 (MT Newswires) -- Eni (ENI.MI) agreed to become the exclusive operator of the Junín 5 giant oil field in Venezuela, according to a Wednesday release. The Italian energy company secured the concession under a deal with state-owned oil and gas company Petróleos de Venezuela, or PDVSA. The contract has an initial term of 25 years, with the possibility of extension. Junín 5 has a daily production rate of 12,000 barrels of oil. The development expands Eni's presence in Venezuela, where it is also involved in a natural gas joint venture with Spanish energy giant Repsol (REP.MC) and a separate joint venture with PDVSA for the Corocoro oil field and the Supermetanol petrochemical company.