Italian energy major Eni SpA is engaged in discussions with U.S. and Venezuelan authorities to support the revitalization of Venezuela's oil sector, as Washington seeks expanded influence over the country's crude reserves.
The negotiations follow a U.S. proposal under President Donald Trump's administration to assume control of 55% of the effective production from a joint venture covering fields with approximately 65 billion barrels of proven reserves. Eni SpA CEO Claudio Descalzi told investors that talks with Venezuela's energy ministry and state-owned Petróleos de Venezuela SA (PDVSA) were advancing, while also coordinating operational plans with North American partners.
Eni SpA holds significant stakes in Venezuela, including assets with over 5.5 billion barrels of recoverable resources and roughly $3 billion in outstanding receivables owed by PDVSA. The Italian group stated it is working with Venezuelan counterparts and other authorities to support the country's energy sector revival, though it declined to specify next steps pending finalization of agreements.
The developments underscore growing U.S. interest in Venezuela's oil industry amid efforts to stabilize the sector and secure additional crude supply. Eni SpA's involvement reflects its existing operational footprint in the country, where it has maintained financial and logistical commitments despite past volatility in the sector.
