Venezuela signs an agreement to export natural gas with ENI and Repsol
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Loading... - tommy chloe
- 08 May 2023
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Venezuela has recently inked a deal with Eni, the Italian state oil company, and Repsol, the Spanish energy firm, to export natural gas to other markets. The agreement was signed by the Venezuelan Oil Minister and CEO of Petróleos de Venezuela, Rafael Tellechea, in the presence of Eni and Repsol authorities.
The permit will allow the export of natural gas liquids (LNG) from the Cardón IV license. This partnership marks a necessary step towards larger export projects in the region, according to Gas Energy Latin America's managing partner for Venezuela, Antero Alvarado.
Eni and Repsol's condensate recovery plant will export the product to Europe, although the exact start date for these exports has not been confirmed. Cardón IV is a natural gas company jointly managed by Repsol and Eni, which produces condensate that is sent to feed PDVSA's refineries. Bloomberg data suggests that in 2023, Cardón IV will produce 500 million cubic feet (about 14 million cubic meters) of natural gas per day, a 31% increase from 2019.
This agreement comes at a time when the Venezuelan government and the companies are negotiating for greater operational control over the oil companies jointly owned with the state energy company PDVSA. In the words of Rafael Tellechea, "Teamwork, Safe Victory!".
