Eni Seals Programmatic Deal to Restart Junin-5 Heavy Oil Project in Venezuela

Eni has signed a programmatic agreement with Venezuela's Hydrocarbons Ministry and PDVSA to relaunch the Junin-5 heavy oil project, holding 35 billion barrels of oil in place, where Eni holds 40% stake. This follows April 28 developments including U.S. OFAC licenses for Eni and Repsol to upgrade Cardon IV gas output from 580 mmcfd to 645 mmcfd, Repsol's 50% Venezuelan crude boost plans, and Eni's initial pacts reaffirming its 64,000 boe/d Venezuelan output in 2025. The moves signal rising foreign investment and potential heavy crude supply growth, pressuring prices while boosting Eni shares 1.90% to $54.79.