Eni (E) signed a programmatic agreement with Venezuela's Ministry of Hydrocarbons and state-owned energy company PDVSA to relaunch oil activities, the company said Friday.

Financial terms were not disclosed.

The deal focuses on the Junin-5 joint venture, a heavy oil field containing 35 billion barrels of oil, which is 60% owned by PDVSA and 40% by Eni, the company said.

Eni is also involved in the development of Venezuelan natural gas projects as operator of the Perla field, which is described as the largest offshore gas field in Latin America, through Cardon IV joint venture jointly owned by Eni and Repsol, and its 26% stake in the PetroSucre joint venture with PDVSA, the company said.