The Italian oil company Eni presented a report last week reflecting a debt of $3.3 billion owed by Venezuela’s state-owned PDVSA to the firm. This comes amidst negotiations between Venezuela and the United States regarding oil and the easing of sanctions in this sector.

Eni’s annual report, which includes data up to the end of 2025, also includes “approximately $1 billion in accrued interest.”

To put this information in context, it’s important to note that Eni and the Spanish company Repsol produce gas at their jointly owned Perla offshore field — the only active offshore gas project in Venezuela — whose production is purchased by PDVSA primarily for national electricity generation.

PDVSA has not made the corresponding payments for these gas volumes, accumulating a multimillion-dollar debt with Eni and Repsol, who were unable to receive in-kind payments from PDVSA due to the tightening of US sanctions.

Although the situation has improved since the beginning of this year, the debt persists. However, Eni has indicated that it is in talks with US authorities regarding its potential participation in the reactivation of the Venezuelan oil sector.

M.Pino

Source: eleconomista

(Reference image source: WORKSITE Ltd. on Unsplash)

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