Eni signs contract in Venezuela

03 Sep Eni signs contract in Venezuela

(Oilandgaspress) 03/09/26 – Eni and PDVSA signed the “Contrato de Participación Productiva de Hidrocarburos” (CPPH) relating to the development of the Junín 5 giant oil field, located onshore in the Orinoco Belt in the presence of the Acting President of the Bolivarian Republic of Venezuela, Delcy Rodríguez, during the visit to Venezuela by U.S. Secretary of Energy Chris Wright, and in the presence of the Venezuelan Minister of Hydrocarbons, Paula Henao, the Chief Executive Officer of the state-owned company PDVSA, Héctor Obregón, and Eni Chief Executive Officer Claudio Descalzi,

The signing of the CPPH marks the completion of the process launched with the signing of the Head of Terms on 28 April 2026, with the aim of reviving oil production through the transition from the current operating model of the Petrojunínjoint venture (Eni 40%, PDVSA 60%) to the new contractual regime established under the CPPH, introduced by the Organic Hydrocarbons Law approved by the Venezuelan National Assembly in January 2026.

The CPPH, which has a duration of 25 years with the possibility of extension, grants Eni the role of exclusive Operator of the Junín 5 area, with full responsibility for the technical, financial and commercial management of the project. Junín 5 is a heavy oil field containing 35 billion barrels of certified oil in place. It currently produces approximately 12,000 barrels per day.

Information Source: Read More