Italy's Eni SpA is working toward eventually producing more than 1 million barrels per day in Venezuela, a total that would include volumes from state oil company Petróleos de Venezuela SA. As part of that push, Eni plans to unveil an agreement on Wednesday to advance the massive Junín 5 field in the Orinoco Belt. Eni has held an interest in Junín 5 since 2010 alongside PDVSA, and under the new arrangement it would become the sole operator, taking on technical, financial and commercial control of the project.
In Caracas, Venezuela's interim President Delcy Rodríguez held talks with Eni's CEO, Claudio Descalzi, along with additional members of the firm's leadership, as the Italian producer readies the new deal. An Eni spokesperson said an agreement related to Venezuela will be announced on Wednesday, while declining to share specifics.
Junín 5 sits on land in the Orinoco Belt and is regarded as one of the region's heavyweight heavy-oil resources. The field is projected to ramp to around 400,000 barrels per day by the close of the decade, supported by about $1.5 billion in annual investment. It holds roughly 35 billion barrels of certified crude.
For context, Eni's equity hydrocarbon output in Venezuela averaged approximately 64,000 barrels of oil equivalent per day last year, so this project would represent a step change in its footprint in the country.
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The timing lines up with a broader US effort to spark a revival in Venezuelan crude. The White House is preparing to roll out a burst of deals meant to show companies are answering President Donald Trump's call to boost production after authorities took former President Nicolás Maduro into custody. Having reached Caracas on Tuesday, US Energy Secretary Chris Wright told reporters firms are poised to finalize a slate of agreements that would put Venezuela on track to expand output quickly.
During his visit, Wright is slated to hold a meeting with acting Venezuelan President Delcy Rodríguez, and he said, "Several deals will be announced." He added, "Those deals will lead to a more than doubling of Venezuelan oil production in the next few years." He is expected to unveil more than a dozen agreements on Wednesday. The largest involves Chevron Corp., which is significantly increasing its Venezuela presence by developing two massive oil fields in the Orinoco Belt. Rodríguez said on Venezuelan state television that Shell Plc, BP Plc, and Spain's Repsol SA are likewise anticipated to sign.
Eni has been working with Venezuelan authorities on reviving the sector and has been negotiating fresh contracts for Junín-5 and Corocoro, while also recently inking a gas export deal for the giant Perla field. If these oil and gas commitments materialize, they could reshape how Venezuelan barrels reenter global markets. That matters as US gasoline prices have climbed more than 40% this year during the Iran war and with the November midterm elections looming. More supply from Venezuela would ripple through pump prices and energy-linked stocks alike, which is the kind of macro shift that can show up in everyday budgets as much as in brokerage accounts.