Eni will continue to produce gas in Venezuela while engaging with the U.S. administration over a waiver to export oil from the Latin American country as payment for gas, the CEO of the Italian energy group said on Tuesday.
Eni has been producing gas in Venezuela for the domestic market since 2022, but it is paid in Venezuelan oil, which it exports. The Trump administration last week told Eni it would no longer be able to receive payments for the oil as part of his efforts to place secondary sanctions on the country.
"We will continue to produce gas in Venezuela for the domestic market, because if we stop we risk to trigger a social crisis, ... but we will respect the rules and talk with Washington," Chief Executive Claudio Descalzi said, adding he was confident solutions could be found.
At the end of 2023 Eni produced 60,000 barrels of oil equivalent per day of gas in the Latin American country.
(Reuters - Reporting by Francesca Landini; Editing by Sharon Singleton)