Italian energy company Eni has finalized a partnership agreement with Venezuelan officials to restart operations at a significant heavy crude oil venture located in the Orinoco Belt region.
The deal was completed Tuesday in Venezuela’s capital with high-ranking government representatives and company executives in attendance, according to statements from both Eni and Venezuelan authorities.
This agreement represents part of Venezuela’s ongoing comprehensive evaluation of energy sector contracts as the nation implements broader oil industry reforms. The state-owned petroleum company PDVSA has been securing preliminary partnerships with various international energy firms during this restructuring process.
Several major energy corporations including U.S.-based Chevron, British company Shell, and Spain’s Repsol have completed similar partnership agreements in recent weeks to either maintain or expand their Venezuelan operations.
The ceremony took place in Caracas with Venezuela’s interim President Delcy Rodriguez, Eni CEO Claudio Descalzi, PDVSA leader Hector Obregon, and Venezuelan Oil Minister Paula Henao all participating. State television broadcast the proceedings.
Descalzi indicated that the company’s investment strategy for Venezuela is currently under development and should reach completion before the year ends.
“This is one of the most important bets on our country in recent times,” Rodriguez stated during the ceremony.
The Italian energy firm and PDVSA maintain joint operations in the Junin 5 venture within the Orinoco region, which contains approximately 35 billion barrels of verified oil reserves. They also collaborate on the Petrosucre venture, producing crude oil in shallow water areas.
Additionally, Eni maintains a partnership with Repsol for the substantial Cardon IV offshore natural gas development, which recently resumed operations to boost Venezuela’s gas supply capacity. The companies also work together on methanol production within the South American nation.
Eni has maintained operations in Venezuela since 1998. During 2025, the company’s Venezuelan production reached 64,000 barrels of oil equivalent daily, according to company records.
