Eni starts operations at Junin-5 oil field in Venezuela
Italian Eni has started work at the Junin-5 field in Venezuela and expects output of 200,000 barrels a day by 2028, according to Dow Jones Newswires.
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what happened
Italian oil and gas company Eni said it has started operations at its Junin-5 field in Venezuela, another step in its expansion in the country, Dow Jones Newswires reports. The first phase is expected to bring significant production growth, reaching 200,000 barrels of oil per day by 2028. Eni said the project will also build on infrastructure already in place in the region.
The development contract was signed early last month. The ceremony included Eni CEO Claudio Descalzi, acting Venezuelan president Delcy Rodriguez, US Energy Secretary Chris Wright and the head of state oil company PDVSA. The event reflects warming ties between the West and Venezuela's government after US special forces captured President Nicolas Maduro in January.
why it matters
The story matters for markets because Eni has operated in Venezuela for decades and Junin-5 sits in the Orinoco Belt. The launch adds supply over the medium term, but the effect on global prices will be gradual, since reaching full output takes years.
market impact
Oil: extra Venezuelan supply over the medium term adds pressure on Brent
- Brent pressure down — extra Venezuelan volumes over the medium term
tags
instruments
sources
- Eni's Begins Operations at Venezuela Oil Field — Dow Jones Newswires, 28 October 2026 at 16:00 UTC
- Eni's Begins Operations at Venezuela Oil Field — Dow Jones Newswires, 28 October 2026 at 16:15 UTC
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