Eni and Repsol have reached an agreement with Venezuela to increase domestic gas supply from the Perla offshore field before targeting exports with higher production by 2031, according to an April 20 Bloomberg report.
The field in the Gulf of Venezuela is currently producing about 585 million cubic feet of natural gas per day (mcf/d). That volume is used entirely to meet domestic demand in western Venezuela, including electricity generation, petrochemical activity, and household consumption.
Under the new arrangement, Venezuela is prioritizing higher domestic supply before any exports are allowed. The agreement requires production to first rise to 645 mcf/d, ensuring additional gas is available for local use. Only after that threshold is reached will exports be pursued.
“Eni SpA and Repsol SA plan to start exporting natural gas from Venezuela by the end of 2031 after reaching a deal with Caracas to revive a long-stalled effort to expand production from a massive offshore field,” Bloomberg reported.
The Perla field, one of the largest gas discoveries in Latin America with an estimated 17 trillion cubic feet (tcf) of reserves, has been developed through a joint venture with Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA). It was discovered in 2009 and has remained a key domestic supply source since.
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The project will undergo a major expansion phase aimed at increasing total output capacity. Two additional offshore platforms are planned for installation by 2028. Once completed, production is expected to rise to about 1.2 billion cubic feet per day (bcf/d).
At that level, the project will transition into export mode, with liquefied natural gas (LNG) shipments expected to begin through a floating terminal.
The agreement also extends the companies’ operational rights in the field from 2036 to 2051.
