Eni has signed a 25-year contract with Venezuela’s state oil company PDVSA to exclusively operate the Junín-5 heavy-oil field in the Orinoco Belt, while Chevron, GE Vernova, India’s ONGC and Colombia’s GeoPark advance additional energy agreements after months of negotiations. Eni will manage Junín-5’s technical, financial and commercial activities under Venezuela’s amended Hydrocarbons Law, which gives foreign and domestic companies more autonomy to operate fields, expand production, export or market crude and collect oil-sale proceeds. The field holds an estimated 35 billion barrels of certified oil in place but produces only 12,000 barrels per day, and the agreement replaces the former Petrojunín joint venture, in which PDVSA held 60% and Eni 40%. The company-level agreements remain separate from a Caracas-Washington deal covering 17 Venezuelan oilfields with about 64 billion barrels of proved reserves and projected long-term production of 1.5 million barrels per day. Chevron separately plans to invest $7 billion over five years and more than double Venezuelan production to 600,000 barrels per day by 2031, while aging infrastructure and political risks leave the pace of any broader recovery uncertain.