Eni aims to recover USD1 billion in Venezuelan receivables

(Alliance News) - Eni estimates it will recover at least USD1 billion out of total receivables of approximately USD2.3 billion accrued in Venezuela. These debts were accumulated during the freeze on oil exports caused by US sanctions, which paralyzed the operations of the state-owned company PDVSA, as reported by MF-Milano Finanza on Wednesday.

The Italian energy major highlights that, as of the 2025 balance sheet date, its nominal exposure to PDVSA amounts to USD2.3 billion. However, this is carried at a recoverable value of approximately USD1 billion based on management assessments. When including additional components, the total exposure rises to approximately USD3 billion.

In Venezuela, Eni operates through several licenses in the Orinoco region, which have been fully written down, and primarily through the Perla offshore gas field. The latter is managed by the Cardón IV joint venture alongside Spain's Repsol, with production of approximately 580 million cubic feet per day sold entirely to PDVSA, which remains insolvent.

In euro terms, the group's financial statements indicate an estimated recovery of EUR881 million for the joint venture's gas supplies, up from EUR690 million in 2024. This increase reflects updated recoverability estimates and the substantial cessation of in-kind repayments in 2025 following the revocation of authorizations by US authorities.

However, Eni notes that the geopolitical climate improved at the start of 2026, with developments in Venezuela-US relations potentially facilitating both debt recovery and new operational opportunities. This backdrop includes the reform of the hydrocarbons law approved in late January 2026, which allows for the renegotiation of oil contracts and introduces a new tax system with enhanced legal protections for operators.

The issuance of new general licenses by the US has also been a decisive factor. For Eni, General License 50A permits oil and gas operations that would otherwise be prohibited under the sanctions regime. Furthermore, on March 13, Eni and Repsol announced a strategic agreement with Venezuela to increase production at the Perla field for the domestic market.

By Antonio Di Giorgio, Alliance News reporter

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