Eni named operator of Junín-5 under 25-year CPPH

Deal and operatorship

Eni and state oil company PDVSA signed the "Contrato de Participación Productiva de Hidrocarburos" (CPPH) for the Junín 5 area in the Orinoco Belt. The signing took place in the presence of Acting President Delcy Rodríguez, U.S. Secretary of Energy Chris Wright, the Venezuelan Minister of Hydrocarbons Paula Henao, PDVSA CEO Héctor Obregón and Eni CEO Claudio Descalzi. The CPPH grants Eni exclusive operatorship with full technical, financial and commercial responsibility.

Field details and timeline

The CPPH runs for 25 years with the possibility of extension. Junín 5 is a heavy oil field with 35 billion barrels of certified oil in place and current production of approximately 12,000 barrels per day. The contract finalises the process launched by a Head of Terms signed on 28 April 2026 and implements a move away from the existing Petrojunín joint venture (Eni 40%, PDVSA 60%) under the Organic Hydrocarbons Law approved in January 2026.

Eni’s Venezuelan footprint

Eni has been present in Venezuela since 1998 and holds six mining licences on- and offshore. It operates the Perla gas field within the Cardón IV licence (Eni 50%, Repsol 50%) and Cardón IV has signed a Sustainability Agreement to sustain and expand Perla’s production for domestic supply and potential future exports. Eni also participates in PetroSucre (PDVSA 74%, Eni 26%) which operates Corocoro, and in Supermetanol. In 2025 Eni’s equity hydrocarbon production in Venezuela was 64,000 boe/day, with Perla accounting for about 35% of the country’s gas consumption.