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Caracas, April 29, 2026 (venezuelanalysis.com) – The Venezuelan government signed new energy agreements with Italian conglomerate Eni in a ceremony at Miraflores Presidential Palace on Tuesday.

Acting President Delcy Rodríguez extended a “special welcome” to Eni CEO Claudio Descalzi and other executives, who were joined by Oil Minister Paula Henao and state oil company PDVSA President Héctor Obregón.

“We are witnessing a very important moment, a milestone in the relations between Eni and Venezuela,” Rodríguez affirmed, adding that Eni is planning “one of the largest investments” in the Venezuelan oil sector. 

The contract establishes conditions to relaunch the exploration of the 425 square-kilometer Junín-5 block of Venezuela’s Orinoco Oil Belt. The Junín-5 is estimated to contain 35 billion barrels of extra-heavy oil in place, though only a fraction will be recoverable.

For his part, Descalzi described the top-level ceremony as a “great honor.” He indicated that the signed deal created conditions to “accelerate development” of Junín-5 activities and that the company would finalize its investment plan by the end of the year.

The Junín-5 block was assigned in the late 2000s to Petrojunín, a joint venture where PDVSA and Eni held 60 and 40 percent of shares, respectively. Crude extraction began in 2013 but did not hit the established targets, hovering around 10,000 barrels per day (bpd) by the end of the 2010s.

The revamped agreement was crafted under Venezuela’s recently overhauled Hydrocarbon Law, which introduces a series of pro-business incentives while curtailing state control over the energy sector.

Under the new law, minority partners can directly manage oilfield operations and sales, whereas in the prior framework that was PDVSA’s exclusive prerogative. Additionally, private companies can have royalties, income tax, and other fiscal contributions slashed at the government’s discretion as well as bring eventual disputes to international arbitration bodies.

In March, Eni, alongside Spain’s Repsol, inked a contract to further development of the Cardón IV offshore natural gas project. The European companies each own 50 percent stakes in the venture and recently announced plans to increase output by roughly 10 percent in the short term.

Eni, which has around 30 percent of its shares owned by the Italian state, is also a minority stakeholder in Petrosucre, a joint venture that operates the Corocoro offshore oilfield. In 2025, the ventures with Eni participation produced an average of 64,000 barrels of oil equivalent per day.

Alongside Eni and Repsol, Chevron and Shell have likewise struck new deals in recent weeks under the favorable conditions of the hydrocarbon reform. Chevron increased its stake in the Petroindependencia joint venture, while its Petropiar project with PDVSA was assigned a new drilling block in the Orinoco Belt. For its part, Shell will take over light and medium crude projects in Eastern Venezuela and several offshore natural gas initiatives.

The acting Rodríguez administration has actively courted foreign investment into the South American country’s energy and mining sectors, with leaders openly acknowledging the incorporation of “suggestions” and “recommendations” from Western conglomerates into the recent reform.

Alongside multiple delegations of corporate executives, Rodríguez has also hosted Trump officials, including Energy Secretary Chris Wright and Interior Secretary Doug Burgum, ahead of the recent hydrocarbon and mining reforms.

Last week, newly appointed US Chargé d’Affaires John Barrett stated that Washington’s goal is to “place the private sector at the center of Venezuela’s transformation” during a meeting with the Venezuelan-American Chamber of Commerce and Industry (VENAMCHAM).

On Monday, Barrett was a keynote speaker at a Venezuelan Oil Chamber (CPV) event and hailed US “innovative investment” as the key to “turn Venezuela into a global energy hub.”

Since the January 3 military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has issued multiple licenses to facilitate the return of Western conglomerates to the Venezuelan energy and mining sectors.

The licenses mandate that all royalty, tax, and dividend payments be made into accounts run by the US Treasury. Caracas and Washington recently announced the hiring of external auditors to oversee the flow of the US-controlled Venezuelan resources.

Edited by Lucas Koerner in Fusagasugá, Colombia.

April 16 (Asia Today) — South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle East.

The Ministry of Trade, Industry and Energy said the shipments are part of crude secured by a presidential envoy team, with additional policy measures being introduced to support refiners facing supply uncertainty.

A senior ministry official said the envoy team secured about 223 million barrels of alternative crude, excluding 50 million barrels previously allocated from Saudi Arabia. Of that, 27 million barrels are scheduled for shipment beginning in June.

The earlier 50 million barrels are expected to be shipped in April and May through the Red Sea port of Yanbu, with confirmation from Saudi Aramco that deliveries will proceed as planned, the ministry said.

South Korean refiners had faced disruptions despite existing contracts, as shipments were affected by instability and constraints linked to the Strait of Hormuz, a key global oil transit route.

The envoy delegation has secured a total of about 273 million barrels of crude from countries including Kazakhstan and Saudi Arabia. Of that, roughly 250 million barrels from Saudi Arabia – which accounts for about one-third of South Korea’s crude imports – are expected to be delivered by the end of the year.

Officials said the government has already secured about 118 million barrels for April and May combined, indicating no immediate risk to domestic supply. Remaining volumes are expected to be shipped sequentially through the end of the year.

In parallel, the government is introducing measures to help refiners diversify import sources. For crude imported between April and June, authorities will ease requirements for refunds of the petroleum import levy and temporarily expand refund limits.

The ministry said it simplified freight cost calculations using an international benchmark index and removed restrictions on shipment volume, duration and frequency. It also temporarily lifted caps on freight cost compensation for diversified imports to expand financial support.

The program is backed by about 127.5 billion won (approximately $95 million) in funding, based on estimated demand from domestic refiners.

Officials said broader reforms may be considered if the situation persists.

The ministry also pushed back against claims that fuel consumption has increased following the introduction of a price cap. Data showed that weekly gasoline and diesel sales fell in five of seven weeks from late February to mid-April compared to the same period last year.

From mid-March to mid-April, after the price cap took effect, total fuel sales declined 12.4% year-over-year, the ministry said, urging observers to focus on overall trends rather than short-term fluctuations.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260416010005112

Published on 06/04/2026 – 9:46 GMT+2•Updated
9:56

OPEC+ members met virtually on Sunday and afterwards announced plans to hike crude quotas by 206,000 barrels per day (bpd) in May as the Strait of Hormuz, which is the world’s most important route for black gold, continues to face disruptions as a result of the US-Iran conflict.

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However, the modest rise agreed by the eight key producing countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — is not likely to bring down oil prices as it represents less than 2% of the supply disrupted by the Hormuz closure. Moreover, the increase is more symbolic than material as the oil can’t be exported until the Strait of Hormuz opens.

“In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in May 2026,” the group said in a statement.

The members’ statement also noted that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.

“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023,” the statement also said.

Efforts to stabilise soaring oil prices

The latest statement from OPEC+ comes as oil prices have surged since the Iran conflict began, with Brent and US crude nearing $120 a barrel, driving up fuel costs and putting pressure on consumers and businesses worldwide.

Meanwhile, J.P. Morgan said in a note on Thursday that oil prices could go as high as $150 a barrel if supply flows remain disrupted until mid-May.

US President Donald Trump has given Iran a deadline of Tuesday to open the Strait of Hormuz and has vowed to hit the country’s power plants and bridges otherwise.

European markets were closed on Monday for the Easter holiday.