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  HOME | Venezuela (Click here for more Venezuela news)

Repsol, Eni Agree to Invest $1.5 Billion in Perla Gas Field with Venezuela's PDVSA

CARACAS – State-owned energy giant Petroleos de Venezuela S.A. signed a gas-supply contract Friday with Spain’s Repsol-YPF and Italy’s Eni that will spur the development of the “Perla 1” gas well, one of the world’s largest.

The president of PDVSA, Rafael Ramirez, said in a joint press conference with the heads of Repsol-YPF, Antonio Brufau, and Eni, Paolo Scaroni, that the three companies signed “a contract for the supply of gas” from the Cardon IV block, where Perla 1 is located, to the PDVSA’s natural gas subsidiary, PDVSA Gas.

Ramirez said the contract gives a clear “economic signal” of the company’s plans to “bring the gas to shore as soon as possible.”

The PDVSA chief, who also is Venezuela’s energy minister, said the “first 80, 100 million cubic feet of gas per day” is expected to arrive on shore by 2012 and the companies expect output to reach 300 million cubic feet per day and 1.2 billion cfd by 2013 and 2019, respectively.

“Believe me, this is the largest gas discovery that’s been made in Latin America and we’re very proud,” Brufau said Friday, referring to the approximately 17 trillion cubic meters (600 trillion cubic feet) of gas that Perla 1 is estimated to hold.

“For Repsol, this is a flagship project and we’re certainly going to dedicate the best of our efforts,” said Brufau, who also wished Venezuelan President Hugo Chavez a full recovery from cancer.

According to a statement from Repsol-YPF, the project will be carried out in phases, the first of which will involve estimated investment of $1.5 billion.

It added that once the development phase has begun PDVSA will have a 35 percent stake in the consortium and Repsol and Eni will each have a 32.5 percent interest.


 

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