Eni Signs 25-Year Deal to Operate Venezuela's Junín-5 Oil Field

M&A · PartnershipCommodity Impact 4
โดย Yahoo Finance·ITVE·Read original
Summary · why it matters

Italy's Eni has signed a 25-year contract with Venezuela's state oil company PDVSA, making Eni the exclusive operator of the giant Junín-5 heavy-oil field in the Orinoco Belt, which holds an estimated 35 billion barrels of certified oil in place but currently produces just 12,000 barrels per day. The agreement grants Eni technical, financial, and commercial management of the field, replacing the previous Petrojunín joint venture where PDVSA held 60% and Eni 40%, under Venezuela's reformed hydrocarbons law that allows greater autonomy for foreign operators. The signing occurred during U.S. Energy Secretary Chris Wright's visit to Caracas, amid a revival of foreign investment in Venezuela's oil industry, with Chevron separately announcing plans to invest $7 billion over five years and boost its Venezuelan output to 600,000 bpd by 2031. Eni originally aimed to develop Junín-5 to 240,000 bpd, a target never achieved, and the Financial Times reports Eni plans to invest around $1.5 billion annually as it ramps up the project. Eni, which has operated in Venezuela since 1998, also holds assets including the Perla offshore gas field with Repsol and a 26% stake in PetroSucre.

Impact on stocks 3

Energy▲ · 3 stocks
Eni S.p.A.
ENI
▲ PositiveCapitalrelevance

Eni signed a 25-year contract to exclusively operate the Junín-5 field and plans ~$1.5 billion in annual investment.

Chevron Corp
CVX
▲ PositiveCapitalrelevance

Chevron separately announced plans to invest $7 billion over five years and boost Venezuelan output to 600,000 bpd by 2031.

Off-coverage companies 2

Petroleos de Venezuela, S.A. (PDVSA)Private± Mixed
Regulationrelevance

PDVSA cedes 60% operatorship of Junín-5 to Eni under Venezuela's reformed hydrocarbons law, a mixed outcome for the state company.

PetroSucrePrivate± Mixed
relevance

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