Overview
Eni SpA disclosed on 29 August 2026 that it is engaged in discussions with Venezuelan authorities and United States officials aimed at revitalising Venezuela’s oil sector. The company stated it is working with the Venezuelan counterparties and any other authorities involved, but it declined to comment on specific next steps, promising further details once the negotiations are finalised.
U.S. Strategic Context
According to Bloomberg, the Trump administration is pursuing a plan to assume a major role in Venezuela’s oil industry, seeking control of 55 % of the effective output from a joint‑venture that would encompass fields containing roughly 65 billion barrels of proven reserves.
Eni’s Position and Stake
Eni CEO Claudio Descalzi told investors that negotiations with Venezuela’s Ministry of Energy and the state oil company Petróleos de Venezuela SA (PDVSA) are progressing well. Descalzi also indicated that Eni is actively discussing its operational plans with U.S. partners. The Italian energy group currently holds assets in Venezuela that represent more than 5.5 billion barrels of recoverable resources and is owed approximately US$3 billion in outstanding receivables from PDVSA.
Implications
The ongoing talks suggest a potential alignment of Italian and U.S. interests in the Venezuelan oil landscape, though concrete outcomes remain pending. Eni’s involvement underscores its continued financial exposure to Venezuelan assets while the U.S. seeks a dominant share of future production.