{
  "id": 5501114,
  "title": "Eni Becomes Operator of 35-Billion-Barrel Venezuelan Oil Field",
  "url": "https://urgent.news/2026/09/02/eni-becomes-operator-of-35-billion-barrel-venezuelan-oil-field",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-02T18:55:51.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/eni-becomes-operator-35-billion-185551473.html"
  },
  "original_language": "en",
  "account": "Italy's Eni has secured a 25-year contract that makes it the exclusive operator of the massive Junín-5 heavy-oil field in Venezuela's Orinoco Belt. This agreement grants Eni the responsibility for managing the technical, financial and commercial aspects of Junín-5, which is estimated to contain 35 billion barrels of recoverable oil, though it currently produces only 12,000 barrels per day. This marks a significant shift from the previous Petrojunín joint-venture, where PDVSA held a 60% stake and Eni a 40%.\n\nThis development follows Venezuela's recent reform of its hydrocarbons law, which grants increased autonomy to foreign and domestic companies in operating, marketing and profiting from oil fields. The signing of this contract occurred during U.S. Energy Secretary Chris Wright's visit to Caracas, and it reflects a broader trend of foreign investments in Venezuela's oil sector. On a separate note, Chevron announced plans to invest $7 billion over five years, aiming to double its Venezuelan production to 600,000 barrels per day by 2031.\n\nEni has had a presence in Venezuela since 1998, with operations including the Perla offshore gas field in partnership with Repsol, and a 26% stake in PetroSucre. Eni has set ambitious plans for Junín-5, originally targeting a production capacity of 240,000 barrels per day, although this goal—planned for 2018—remains unmet. The Financial Times recently reported that Eni intends to invest approximately $1.5 billion annually to accelerate the project's progress. Eni's involvement in Venezuela dates back to 1998, and its portfolio also includes the Perla offshore gas field jointly with Repsol, and a 26% stake in PetroSucre.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}