Eni has improved its prospects of recovering more than $2.3 billion owed by Venezuela after signing a deal with state-owned PDVSA to develop the Junin 5 heavy oil project in the Orinoco Belt. Eni and PDVSA plan to invest about $1.5 billion annually, lifting production from roughly 12,000 barrels per day to 400,000 barrels per day by 2030. The agreement converts Eni's existing stake into a 25-year production-sharing agreement, with Eni as field operator. Eni also holds claims linked to the Perla natural gas venture and stakes in the halted Corocoro offshore oil field. Analysts say the Junin 5 deal and a March pact allowing possible future Venezuelan gas exports could help Eni recover receivables and support production growth.