Eni resumed receiving Venezuelan crude shipments in April as a form of payment for natural gas produced in the country, a move to gradually recover outstanding debts owed by the government, according to Reuters.

This comes alongside broader efforts by the Italian energy company to deepen its presence in Venezuela following recent discussions in Caracas between Eni CEO Claudio Descalzi and Acting President Delcy Rodríguez.

Eni outlined its current operations and plans, including the signing of a programmatic agreement with PDVSA and the Ministry of Hydrocarbons to restart oil production in the Junin-5 project in the Orinoco Belt. The field, operated under a partnership where Venezuela’s state oil company, PDVSA, holds 60% and Eni 40%, contains an estimated 35 billion barrels (bbbl) of certified heavy oil in place.

In addition to oil developments, Eni reiterated its continued role in Venezuela’s gas sector. The company operates the Perla offshore gas field through the Cardón IV joint venture with Repsol, describing it as the largest gas discovery in Latin America. The partners recently signed a sustainability agreement aimed at supporting continued production, increasing domestic supply, and potentially enabling future exports.

According to Reuters, Eni ​owed around $3.3 billion by PDVSA at the ​end of ⁠last year, including around $1 billion in accrued interest. The company ⁠has ​a recoverable value for the receivables ​linked to its Venezuelan activities of 880 million euros at the ​end of 2025.

Eni has been present in Venezuela since 1998. The Company holds six mining licenses in the country, located offshore in the Gulf of Venezuela and the Gulf of Paria, and onshore in the Orinoco region. In 2025, Eni’s hydrocarbon production in the country amounted to 64,000 boe/d, mainly from the Perla gas field, which represents approximately 35% of the country’s total gas consumption.