Venezuela and Italian corporation ENI sign agreement to develop five new hydrocarbon projects

Published at: 02/09/2026 12:42 PM

The president in charge of Venezuela, Delcy Rodríguez, led a working meeting at the Miraflores Palace together with the top management of the ENI Energy Corporation, led by its executive director, Claudio Descalzi. The institutional meeting served to evaluate the joint investment map and seal cooperation in five new hydrocarbon projects aimed at boosting the production of crude oil and natural gas in the country.

During the ceremony, the executive director of ENI, Claudio Descalzi, assessed the scope of the agreement reached within two months with the support of Venezuelan and American institutions, stating: “it is an honor for me to be here to celebrate the signing of the contract for participation in five more projects of our company, this ceremony marks a milestone to start growth and a new trust”.

“This only marks the beginning of a long story: it doesn't just mean signing a document, but it requires production, barrels, investments. And this is just the first step on this path, we have enormous confidence in this country, today is the day of celebration,” he added.

The agreements signed cover assets of great strategic magnitude, including the Perla Gas Field, with a potential greater than 25 TCF (trillion cubic feet of gas), as well as the Corocoro Field, which has an estimated recovery factor of 3 to 6 PCF of resources. Both areas will make it possible to consolidate long-term operational development schemes to energize the nation's energy infrastructure.

Regarding the execution schedule, the parties agreed to submit the formal development plan during the month of October, with the objective of starting the first operational phase in December. In addition, the plan contemplates starting the drilling of the first well with a view to furthering the goal of reaching one million barrels per day and achieving a doubling of current oil production.

The meeting was attended by authorities from the Sectorial Vice Presidency of Economy, the Ministry of Petroleum and Petroleum of Venezuela (PDVSA), accompanied by diplomatic representatives. This signature confirms the will of the National Executive and the Italian oil company to transform energy resources into an engine of development, progress and stability for the country.

Mazo News Team