Italian energy producer Eni SpA aims to eventually lift its Venezuelan production to more than 1 million barrels a day, according to people familiar with the matter. The plans would mark a significant expansion for Eni in Venezuela and include volumes from state-owned Petróleos de Venezuela SA. The increased output would bolster US efforts to revive the country's battered oil industry.

The production target represents a substantial increase from current levels and signals growing confidence in Venezuela's oil sector recovery. Eni's expanded presence in the South American nation aligns with broader international efforts to stabilize global energy supplies.

The development comes as Venezuela seeks to rebuild its oil infrastructure after years of decline. Eni's commitment could attract additional foreign investment to the country's energy sector.