Yahoo Finance | EN590 Commodities
EN590 Commodities GroupCrude Oil 2026-09-02T18:55:51+00:00
Italy's Eni has signed a 25-yearcontractwith Venezuela's state oil company PDVSA that makes the Italian energy major the exclusive operator of the giant Junín-5 heavy-oil field in the Orinoco Belt. The agreement gives Eni responsibility for the technical, financial and commercial management of Junín-5, which contains an estimated 35 billion barrels of certified oil in place but currently produces just 12,000 barrels per day. The deal marks a significant change from the previous Petrojunín joint-venture structure, under which PDVSA held 60% and Eni 40%. Venezuela's recently reformed hydrocarbons law allows foreign and domestic companies greater autonomy to operate fields, market production and receive proceeds from oil sales. The signing took place during U.S. Energy Secretary Chris Wright'
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