Petrojunín S.A.

The company's primary activities focus on upstream operations, including drilling, production, and initial processing of heavy oil from the giant Junín-5 field, which contains approximately 35 billion barrels of certified oil in place. The block spans about 425 square kilometers and has seen early production starting in 2013, with historical targets for ramp-up to tens of thousands of barrels per day. Operations are centered in the Zuata area of the Orinoco Belt, with administrative aspects linked to Caracas and nearby Anzoátegui state facilities.

As a vehicle for the Junín-5 project rather than a diversified group, Petrojunín operates under the oversight of PDVSA and its subsidiaries such as Corporación Venezolana del Petróleo (CVP). It forms part of broader Eni-PDVSA collaborations in Venezuela, alongside other joint ventures like PetroBicentenario for downstream refining. The entity has played a role in Venezuela's efforts to develop its vast Orinoco Belt reserves, one of the world's largest untapped hydrocarbon areas, contributing to national oil production goals amid industry challenges and revivals.

In 2026, the operating model transitioned from this joint venture structure to a new Contrato de Participación Productiva de Hidrocarburos (CPPH) regime, granting Eni operatorship while maintaining the underlying partnership framework.