Italy’s Eni and Spain’s Repsol, two of Europe’s largest energy companies, plan to increase natural gas production from their jointly owned Cardón IV field in Venezuela.
Currently, production from the Venezuelan gas field, in which Eni and Repsol each own 50%, amounts to around 580 million cubic feet of natural gas per day. The joint venture aims to increase that production to 645 million cubic feet per day, project director Gonzalo Antonio Carrillo said at an energy conference in Venezuela, as reported by Reuters.
The companies also plan to improve the infrastructure of the Cardon IV gas field, the executive added.
Eni and Repsol have received US licenses to operate in Venezuela after the US captured Nicolás Maduro and took control of Venezuelan oil exports.
The major Spanish energy company has a general license from the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, which authorizes Repsol and its subsidiaries to carry out transactions related to oil and gas operations in Venezuela with the Venezuelan government, PDVSA and its affiliated entities.
Last month, Repsol and Eni signed a strategic agreement with the Venezuelan authorities to guarantee the continuity of natural gas production throughout 2026 at the Cardón IV gas field and to reinforce the long-term stability of operations.
Separately, Repsol signed a new agreement with the Venezuelan government this month, with plans to increase crude oil production in the country by 50% from current levels.
In mid-April, Repsol signed an agreement with the Venezuelan Ministry of Hydrocarbons and the state oil company PDVSA, subject to the fulfillment of certain conditions, which will allow it to increase oil production in the Petroquiriquire joint venture, guarantee payment mechanisms and strengthen the operational framework for its activities in the country, within the framework of the Framework Agreement originally signed in 2023.
“We have the assets and technical, operational and human capabilities on the ground to increase our production in the country,” declared Francisco Gea, executive director of Exploration and Production at Repsol, after signing the contract.
With information from Reuters and Oilprice.com
