Italy-based energy company Eni signed an agreement with Venezuela's Ministry of Hydrocarbons and state oil company PDVSA to relaunch oil activities at the Junin-5 heavy oil project in the Orinoco Belt. The deal follows a meeting in Caracas between Eni Chief Executive Claudio Descalzi and Acting President Delcy Rodriguez, formalizing their commitment to restart operations at the project where PDVSA holds a 60% stake and Eni 40%. Junin-5 contains approximately 35 billion barrels of certified oil in place, according to Eni's earlier estimates, representing one of the world's largest heavy oil reserves. The relaunch aims to boost Venezuela's hydrocarbon production, which reached 64,000 barrels of oil equivalent per day in 2025, primarily from the Perla gas field. Eni also outlined future opportunities in Venezuela, including ongoing gas developments such as the Perla field in the Cardón IV license, operated jointly with Repsol, and stakes in the PetroSucre joint venture and Supermetanol petrochemical company.