JOURNAL ARTICLE

Italy's Eni Expands Venezuela Push With Orinoco Oil Deal.

  • Published In: Bloomberg.com, 2026. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Zerpa, Fabiola; Brambilla, Alberto 3 of 3

Abstract

The article focuses on Italian energy company Eni SpA's agreement to restart the Junín-5 oil project in Venezuela's Orinoco Belt, in partnership with state-owned Petróleos de Venezuela SA (PDVSA). This move follows eased U.S. sanctions allowing limited oil and gas activities and mechanisms to repay debts, addressing a payment impasse with PDVSA. Junín-5, where PDVSA holds 60% and Eni 40%, contains about 35 billion barrels of oil and had been stalled for years. Additionally, Eni is collaborating with Spain's Repsol SA to sustain and increase output at the Cardón IV gas project, including the Perla field, Latin America’s largest offshore gas discovery. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2026/04, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2026
  • Accession Number:193314688
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