Eni expects to decide this year on the Junín 5 investment and moves ahead with Repsol on Perla gas
On October 23, when presenting its third-quarter results, Italy's Eni said it expects to take the final investment decision on Junín 5 before year-end. With Repsol, its partner in the Perla field, it is preparing two phases: gas for the domestic market and liquefied natural gas exports.
A development plan already filed. Eni has filed the Junín 5 development plan, in the Orinoco Oil Belt, with the Ministry of Hydrocarbons and PDVSA. The company operates the block as sole operator under a hydrocarbon productive participation contract formalized in September 2026.
According to Guido Brusco, Eni's head of natural resources operations, output would rise from 12,000 to 200,000 barrels per day within 18 to 24 months of signing the investment agreement, with targets of 400,000 barrels per day by the end of 2029 and one million in the 2032 to 2033 horizon.
Things are moving very fast.
Perla: gas for the country and for export
In the Perla field, in the Gulf of Venezuela, Eni and Repsol are equal partners. The development plan awaits authorization from the Venezuelan authorities. The first phase would deliver 90 million standard cubic feet per day of gas to the domestic market, for thermoelectric generation and industry. The second plans to export liquefied natural gas from a floating plant with a capacity of 3.4 to 3.5 million tonnes per year.
For investors, the case shows how the sector's opening works: a productive participation contract with a private operator, a development plan filed with the Ministry and PDVSA, and an investment decision the company schedules for the short term. Hydrocarbons is one of the sectors the CIIP presents on this site.
