CARACAS, April 28 - Italy's energy producer Eni on Tuesday signed an agreement with Venezuela's oil ministry and state-run oil company PDVSA to relaunch a heavy crude project in the Orinoco Belt, company and government officials said.
The signing is part of a wave of preliminary accords being executed by PDVSA's principal partners as Venezuela conducts a broad review of contracts across the oil industry as a component of its oil reform. Recent weeks have seen similar agreements from other international operators looking to confirm or broaden their projects with PDVSA.
The pact with Eni was signed in Caracas in the presence of interim President Delcy Rodriguez, Eni Chief Executive Claudio Descalzi, PDVSA head Hector Obregon and Venezuela's oil ministry official Paula Henao. The event was broadcast on state television.
Descalzi said the company's investment plan for Venezuela is currently being drafted and is expected to be completed by year-end.
President Rodriguez described the agreement as a major commitment to the country, saying: "This is one of the most important bets on our country in recent times," Rodriguez said.
Eni has maintained a presence in Venezuela since 1998. The company and PDVSA are joint partners in the Junin 5 project in the Orinoco, which contains some 35 billion barrels of certified oil in place, and they also collaborate in the Petrosucre project, which produces crude in shallow waters.
In addition to its oil pursuits, Eni has partnered with Spain's Repsol on the large Cardon IV offshore gas project, which was recently relaunched to boost gas supply for Venezuela, and the companies also have a partnership focused on methanol production in the country.
Eni reported that its production in Venezuela in 2025 amounted to 64,000 barrels of oil equivalent per day, according to a company release.
Context and implications
The agreement represents a formal step in restarting and expanding heavy crude operations in the Orinoco Belt under ongoing government-led contract reviews. Several international oil companies have been concluding similar preliminary accords with PDVSA in recent weeks.