Eni and PDVSA Sign 25-Year Contract for Venezuela’s Junín 5 Oil Field

Eni and Venezuela’s state oil company PDVSA signed a 25-year production-sharing contract for Junín 5 in Caracas, giving Eni exclusive technical, financial and commercial responsibility for the Orinoco Belt field. The agreement replaces the Petrojunín joint-venture model and follows terms signed in April. Eni says Junín 5 holds 35 billion certified barrels of oil in place and currently produces about 12,000 barrels a day. The signing took place in the presence of interim President Delcy Rodríguez, U.S. Energy Secretary Chris Wright and senior Venezuelan and company officials.