The payments stem from an agreement signed in March between Venezuelan state oil company PDVSA and Cardón IV, a joint venture equally owned by Eni and Spain's Repsol, which produces gas from the Perla field.
Under the terms of the deal, payments for gas sales are made in kind, and the first cargo of Venezuelan-origin crude was lifted in April, Eni stated in written responses to questions submitted ahead of its annual shareholders' meeting on May 6.
Eni noted that the resumption of oil shipments comes as U.S. sanctions against Venezuela have been eased since January through a series of general licenses issued by the Treasury Department's Office of Foreign Assets Control (OFAC).
The new regulatory framework allows Eni to continue its operations in Venezuela and, in the medium term, to evaluate a potential strengthening of its activities in the country, according to the company.
As recorded in its annual report, PDVSA owed Eni approximately 3.3 billion dollars at the end of last year, including around 1 billion dollars in accrued interest.
On its balance sheet, Eni reported a recoverable value for receivables linked to its Venezuelan activities of 880 million euros at the end of 2023.
(Reporting by Francesca Landini. Editing by Javier Leira)
