Eni signed a 25-year production-sharing contract with Venezuela's state-owned oil company, PDVSA. The agreement grants Eni exclusive operation of the Junín 5 heavy oil field in the Orinoco Belt. Eni assumes full technical, financial, and commercial management, replacing the previous joint venture structure.
The Junín 5 field contains an estimated 35 billion barrels of oil in place. Current production levels are approximately 12,000 barrels per day. The project aims to significantly increase output and revitalize Venezuela's oil sector.
Barclays reiterated a Buy rating on Eni and raised its price target. Morgan Stanley projects Eni will achieve the highest production growth among European oil majors through 2030.