Eni S.p.A. and its partner Repsol have announced a planned increase in production at the Cardon IV offshore gas field in Venezuela, targeting 645 million cubic feet per day (mcf/d) from the current 580 mcf/d.
The ramp‑up will be executed in measured phases, with the companies indicating that the target will be reached gradually over the coming months. The announcement was made during the Venezuela Energética conference in Caracas.
Cardon IV, also known as the Perla Field, is one of Latin America’s largest offshore gas assets and a key component of Venezuela’s strategy to restore domestic supply and position the country as a regional gas exporter. Eni and Repsol plan to begin exporting natural gas from the field by the end of 2031 using a floating LNG terminal, contingent on meeting domestic supply targets, and have secured an operating license extension through 2051.
Eni’s Q1 2026 earnings report, released on the same day, showed adjusted earnings per share of €0.81 versus the consensus estimate of €1.13, a miss driven by lower gas prices and losses in the Refining and Chemical segments. Revenue of €23.5 billion fell from €24.2 billion a year earlier but still topped the consensus estimate of €22.7 billion. Despite the earnings miss, Eni raised its full‑year 2026 adjusted cash‑flow guidance by 20 % to €13.8 billion and increased its planned share‑buyback to €2.8 billion, while reporting exploration successes that added roughly 1 billion barrels of oil equivalent of new resources across seven countries.
Repsol’s Q1 2026 trading update, released on the same day, indicated stable total hydrocarbon output but lower consolidated production due to regional declines and a pipeline incident in Peru. The company benefited from higher oil prices and refining margins, but weaker plant utilization and chemical margins tempered the overall performance. Repsol is scheduled to release its full Q1 2026 results on April 30.
The production increase comes amid Venezuela’s broader energy reforms, including a revised oil law aimed at attracting foreign investment, and recent U.S. sanctions relief that has opened the door for renewed foreign company operations. The move is expected to strengthen Venezuela’s domestic gas supply, support industrial and power generation needs, and lay the groundwork for future export opportunities.
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