April 29, 2026 [Reuters]- 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, the company and government officials said.
PDVSA’s key partners have been signing preliminary agreements to confirm interest or expand their oil and gas projects as the government progresses in a broad review of all contracts in the industry as part on an oil reform.
U.S. Chevron, British Shell and Spain’s Repsol also have inked similar agreements to confirm or expand their partnerships in recent weeks.
The pact with Eni was signed in Caracas in presence of Venezuela’s interim President Delcy Rodriguez, Eni’s Chief Executive Claudio Descalzi, PDVSA’s head Hector Obregon and Venezuela’s oil ministry Paula Henao. It was broadcasted in state TV.
The company’s investment plan in the country is being drafted and should be completed by year-end, Descalzi said.
“This is one of the most important bets on our country in recent times,” Rodriguez said.
PDVSA and Eni, which has presence in the country since 1998, are partners in the Junin 5 project in the Orinoco, which holds some 35 billion barrels of certified oil in place, and also in the Petrosucre project, where they produce crude in shallow waters.
Eni also has a partnership with Spain’s Repsol for the large Cardon IV offshore gas project, which also was relaunched recently to increase gas supply for Venezuela, and another for methanol output in the South American country.
In 2025, Eni’s production in Venezuela was 64,000 barrels of oil equivalent per day, it said in a release.
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