Italy’s Eni confirmed on Monday, May 4, 2026, that it lifted its first cargo of Venezuelan crude oil in April as payment-in-kind for gas it produces from the Perla offshore field, the strongest Venezuela normalization signal since the U.S. military operation that captured Nicolás Maduro on January 3, 2026.
Hours later, Latam Cargo Colombia opened a regular Miami-Caracas-Bogotá service from May 3, becoming the third U.S.-origin freight operator to resume direct flights into Caracas after Amerijet and Cargojet.
The Eni disclosure came in shareholder filings ahead of Tuesday’s annual meeting, where chief executive Claudio Descalzi will face investors on 3.3 billion U.S. dollars of accumulated PDVSA receivables.
Key Points
— Eni said in shareholder filings on Monday, May 4, 2026, that it lifted its first Venezuelan crude cargo in April under a March 2026 payment-in-kind agreement with PDVSA covering gas produced at the Perla offshore field through the Cardón IV joint venture with Spain’s Repsol.
— PDVSA owed Eni roughly 3.3 billion U.S. dollars at end-2025, including about 1 billion dollars of accumulated interest; Eni recorded a recoverable value of 880 million euros in its balance sheet.
— Latam Cargo Colombia opened a regular Miami-Caracas-Bogotá freight route on Sunday, May 3, with two weekly frequencies and 100 tons of capacity per week, a service framed as logistical normalization rather than political endorsement.
— Latam joins Amerijet and Cargojet, both of which restored Caracas freighter operations in April 2026 after seven-year absences; Avianca had returned in February with passenger and cargo flights.
— American Airlines resumed daily Miami-Caracas passenger flights on April 30 with Embraer 175 aircraft operated by Envoy; Venezuelan carrier Laser Airlines followed on May 1.
— Repsol regained operational control of Petroquiriquire on April 16; Chevron raised its Petroindependencia stake to 49 percent on April 15; PDVSA targets 1.3 million barrels per day in 2026.
What Eni Did
The Italian energy group said the resumption of crude lifting comes as U.S. sanctions on Venezuela have been gradually eased since January through general licences from the U.S. Treasury Office of Foreign Assets Control. The changed regulatory framework allows Eni to assess a possible strengthening of activities over the medium term.
The payment-in-kind mechanism stems from a March 2026 agreement between PDVSA and Cardón IV, the equally owned joint venture between Eni and Repsol that produces gas from Perla. PDVSA purchases the field’s output under a dollar-denominated contract and uses the gas primarily for domestic electricity generation.
The 3.3 billion dollar figure is up sharply from 2.3 billion six months earlier. Eni and Repsol together claim roughly 8.6 billion dollars from PDVSA.
| Operator | Status | Date |
|---|---|---|
| Eni (Cardón IV gas, Junin-5 crude) | First cargo lifted in April 2026 | May 4, 2026 |
| Chevron (Petroindependencia) | Stake raised to 49 percent | April 15, 2026 |
| Repsol (Petroquiriquire) | Operational control regained | April 16, 2026 |
| American Airlines (Miami-CCS) | Daily passenger service restored | April 30, 2026 |
| Latam Cargo (MIA-CCS-BOG) | Two-frequency freight service | May 3, 2026 |
Why the Venezuela Normalization Signal Matters
The Rio Times, the Latin American financial news outlet, reports that the combination of European-major crude lifting and U.S.-origin freight operations is the clearest Venezuela normalization signal of the post-Maduro period. Until April, Western reopening was described in licences and intentions; April and early May produced cargoes and flight schedules.
For Eni, the cargo confirms the workaround that gives European partners structural leverage over PDVSA. The Perla field continues producing gas Venezuela needs to keep its electrical grid functional, and PDVSA cannot easily replace it. As long as production flows, Caracas faces pressure to keep paying.
For airlines, total international cargo capacity to Venezuela rose roughly 40 percent year-on-year in late April according to data provider Rotate. Latam Cargo and the U.S. carriers now rank among the new top three operators, alongside DHL and Avianca.
How This Reframes the PDVSA Recovery
Venezuela’s total external obligations are estimated at 150 to 170 billion U.S. dollars and any restructuring will require cooperation ranging from Wall Street bondholders to Chinese state banks holding 13 to 15 billion dollars in oil-backed loans. Cardón IV’s payment-in-kind mechanism is one of the few channels actually delivering value to creditors right now.
For broader context, see our prior coverage of the April 28 Eni Junin-5 Orinoco contract and our analysis of the 3.3 billion dollar PDVSA debt to Eni.
What Happens Next
Three near-term tests are visible:
- May 6 Eni shareholder meeting: Descalzi will face investor questions on the pace of receivables recovery, Junin-5 development capex, and possible expansion into liquefied natural gas exports to Europe from Perla.
- Q2 2026 cargo cadence: Whether the April lifting becomes a recurring monthly pattern or remains a one-off event will define Eni’s revised provisions for Venezuelan exposure.
- U.S. Treasury OFAC posture: Further general-licence guidance during May will signal whether the gradual easing pattern is sustained, particularly as Delcy Rodríguez’s transitional government negotiates its political timeline.
Frequently Asked Questions
What is the Venezuela normalization signal Eni delivered on May 4?
Italy’s Eni confirmed on Monday, May 4, 2026, that it lifted its first cargo of Venezuelan crude oil in April as payment-in-kind for gas produced at the Perla offshore field. The cargo represents the first PDVSA delivery to Eni in roughly a year and the first concrete step in recovering 3.3 billion U.S. dollars of receivables. Eni framed the lifting as evidence the changed regulatory framework after the Maduro capture allows continued operations in Venezuela.
What is the Cardón IV payment-in-kind mechanism?
Cardón IV is the equally owned joint venture between Eni and Repsol that operates the Perla offshore gas field, Venezuela’s only active offshore gas project. PDVSA buys the gas under a dollar-denominated contract for domestic electricity generation. Under the March 2026 agreement, PDVSA pays for that gas with crude oil shipments rather than cash, allowing Eni and Repsol to recover claims while preserving cash inside Venezuela.
Which airlines are flying to Caracas in May 2026?
Five carriers operate or just resumed service to Caracas. American Airlines runs daily Miami-Caracas passenger flights from April 30 using Envoy-operated Embraer 175 aircraft, while Venezuelan Laser Airlines started May 1 and Latam Cargo opened the Miami-Caracas-Bogotá freight route on May 3 with 100 tons weekly capacity. Amerijet and Cargojet started 767 freighter operations to Simón Bolívar International Airport in April, joining Avianca which had returned in February.
How does the Venezuela normalization signal affect oil markets?
PDVSA targets production of 1.3 million barrels per day in 2026, up from current levels with less than 30 percent of Venezuelan oil wells active. A successful ramp-up over multiple years toward 2 to 3 million barrels per day would add meaningful supply to global markets. The Eni cargo and the Chevron-Repsol parallel ramp-up suggest the medium-term path is plausible if the political framework stabilizes under interim president Delcy Rodríguez.
Updated: 2026-05-05T09:30:00Z by Rio Times Editorial Desk