Eni Restarts Venezuela Oil Project With 35 Billion Barrels in Place

Eni has agreed to restart the Junin-5 heavy oil project in Venezuela's Orinoco Belt in partnership with state-owned Petroleos de Venezuela SA. The project, which contains about 35 billion barrels of oil in place, had remained inactive due to sanctions and unresolved payment issues. The restart follows a shift in US policies allowing companies to engage in limited oil and gas activity in Venezuela, including mechanisms to recover outstanding receivables