Eni restarts Junín-5 field in Venezuela, targets 200,000 bpd by 2028
Eni said it has restarted production at Venezuela's Junín-5 field and aims to lift output to 200,000 barrels per day by 2028.
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what happened
Italian energy group Eni said on Wednesday that it had restarted production at the supergiant Junín-5 oil field in Venezuela. The company aims to raise output to 200,000 barrels per day by 2028.
The company said the work includes restoring abandoned wells and an intensive drilling campaign. Eni is the sole operator of the project. According to the company, the restart follows a new production-sharing contract signed on September 2.
why it matters
The field sits in the Orinoco Belt and holds 35 billion barrels of certified heavy oil in place. For markets, this points to potential growth in heavy crude supply, though the price impact will play out over several years as output reaches its target. Eni also runs gas projects in Venezuela, including the Perla field, through a joint venture with Spain's Repsol.
market impact
Oil: longer-term growth in Venezuelan heavy crude supply weighs on Brent
- Brent pressure down — longer-term growth in Venezuelan heavy crude supply
tags
instruments
sources
- Eni resumes Venezuela's Junín-5, targets 200,000 bpd by 2028 — Reuters, 28 October 2026 at 16:40 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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