economy
May 4, 2026
Eni resumed receiving Venezuelan oil in April as payment in kind for gas
Italian energy company Eni resumed receiving Venezuelan crude oil in April as payment in kind for gas produced in the country, the company reported this Monday, adding that this mechanism will allow it to recover long-standing debts with Caracas. Reuters The payments stem from an agreement signed in March between Venezuelan state oil company PDVSA and Cardón IV, a 50-50 joint venture between Eni and Spain's Repsol, which produces gas from the Perla field.
TL;DR
- Eni resumed receiving Venezuelan crude oil in April as payment for gas produced in Venezuela.
- The payments are part of an agreement between PDVSA and Cardón IV (a joint venture between Eni and Repsol) for gas from the Perla field.
- This mechanism will help Eni recover long-standing debts owed by PDVSA.
- The U.S. sanctions on Venezuela have been gradually eased since January, allowing Eni to resume operations.
- PDVSA owed Eni approximately $3.3 billion at the end of the previous year, including interest.