Eni stock gains upstream growth option with Junín-5 restart

Published on 10/30/2026 at 09:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Eni stock gains a new upstream growth project in Venezuela as Junín-5 operations restart. The plan combines well restoration with intensive drilling.

Junín-5 Expansion Reshapes Venezuela Strategy

Eni is the sole operator of the heavy-oil project in Venezuela's Orinoco Belt.
The development plan combines abandoned-well restoration with intensive new drilling.
Existing infrastructure is intended to support faster execution and investment efficiency.

Eni, IT0003132476, Illustration mit AI erstellt.

Eni announced on Wednesday, October 28, 2026, that operations had started at the Junín-5 field in Venezuela. In a company press release, Eni said the first development phase is designed to lift production to 200,000 barrels per day by 2028.

Eni is the sole operator and holds responsibility for the project's technical, financial and commercial management. Junín-5 is a supergiant onshore heavy-oil field in Venezuela's Orinoco Belt, with 35 billion barrels of certified oil in place.

Drilling Plan Targets Rapid Scale-Up

The development program calls for the restoration of abandoned wells and an intensive campaign to drill new wells. Eni also plans to use infrastructure already available in the area, a structure intended to optimize execution timelines and investment requirements.

The field restart follows the signing of a new hydrocarbon production participation contract on September 2. Eni said support from Venezuela's Ministry of Hydrocarbons and PDVSA enabled the rapid start of activities. The project is positioned as a cornerstone of the Italian energy group's effort to expand its upstream presence in Venezuela.

Eni's wider Venezuelan portfolio includes the Perla gas field, operated through Cardón IV, a joint venture equally owned with Repsol. The company also holds a 26 percent stake in PetroSucre, which operates the Corocoro offshore oil field. Eni said its share of Venezuelan hydrocarbon production was 64,000 barrels of oil equivalent per day in 2025, mainly from Perla.