Eni S.p.A. and Spanish peer Repsol S.A. have signed an agreement to begin exporting natural gas from Venezuela’s Perla field, located within the Cardon IV block, by the end of 2031. The partnership will use floating LNG export terminals and will be carried out in collaboration with the state‑owned PDVSA.
The Perla field contains an estimated 17 trillion cubic feet of natural gas and currently produces about 580‑585 million cubic feet per day. Under the new arrangement, the companies plan to install two additional platforms by 2028 and aim to reach 1.2 billion cubic feet per day of production before exports commence. Exports will begin once domestic supply reaches 645 million cubic feet per day, and the lease for the field has been extended to run from 2036 to 2051.
For Eni, the deal expands its presence in the South‑American gas market and aligns with its broader LNG strategy, which seeks low‑cost gas resources to support upstream and midstream operations. The Perla field could ultimately supply about 3.5 million metric tons of LNG per year after 2030, adding a significant long‑term revenue stream.
Repsol’s involvement leverages its long‑standing operations in Venezuela, where it has been active since 1993. The partnership also positions Repsol to increase its oil production in the country, as its CEO has indicated readiness to boost output by 50% within a year and triple it over three years, provided conditions remain favorable.
The project has become feasible in part because the United States has eased sanctions on Venezuela’s energy sector, removing a key barrier that previously limited foreign investment. This regulatory shift has enabled Eni and Repsol to pursue the development of the Perla field.
Management comments underscore the strategic importance of the project. Eni CEO Claudio Descalzi highlighted the company’s plan to raise the share of LNG in its portfolio, while upstream head Guido Brusco noted that Perla is a giant reservoir with substantial upside. Repsol CEO Josu Jon Imaz emphasized the company’s readiness to increase oil production in Venezuela.
The agreement positions both companies to tap a massive offshore reserve, diversifies Venezuela’s export portfolio, and could reshape European gas supply in the long term.
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