Why did Eni resume lifting Venezuelan crude oil in April, and what debt is being settled?

Eni resumed lifting Venezuelan crude oil in April as payment-in-kind for gas produced in the country, enabling it to recover longstanding receivables from Caracas; the payments stem from a March agreement between PDVSA and Cardon IV — an equally owned joint venture of Eni and Repsol — covering gas sales from the Perla field, with the first crude shipment lifted in April under this arrangement.

How have U.S. sanctions affected Eni’s ability to operate in Venezuela, and what changed in early 2024?

Eni’s resumption of oil lifting follows the gradual easing of U.S. sanctions on Venezuela since January through a series of general licenses issued by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), which now allows Eni to continue operating in Venezuela and assess a possible medium-term strengthening of its activities there.

Eni Resumes Venezuela Oil Lifting in April to Settle Gas Debt

May 4, 2026

Eni resumed lifting Venezuelan crude oil in April to settle gas payments owed by PDVSA, recovering billions in receivables under eased U.S. sanctions. The deal supports continued operations and potential activity strengthening in Venezuela.

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Eni Resumes Venezuela Oil Lifting in April to Settle Gas Debt

Eni Resumes Venezuela Oil Lifting in April to Settle Gas Debt

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