Venezuela Perla Gas Field: Eni and Repsol Weigh a Partial Sale
VENEZUELA · ENERGY
Key Facts
- —The country Venezuela, an oil and gas producer on South America’s Caribbean coast, is reopening its energy sector to foreign firms under acting president Delcy Rodríguez.
- —Why it matters Perla, in the Gulf of Venezuela, is one of Latin America’s largest gas discoveries, holding an estimated 17 trillion cubic feet of gas.
- —What happened Italy’s Eni and Spain’s Repsol, equal owners of the field, are weighing selling part of their stakes, Bloomberg reported on Saturday 3 October.
- —Why now They want outside money to more than double output and start exporting liquefied gas by the end of 2031.
- —The numbers Perla produces about 580 million cubic feet a day, all for Venezuela’s domestic market. The target is about 1,200 million.
- —What it means for you A sale would offer a rare way into Venezuelan gas for outside investors, alongside old payment problems and political risk.
- —Still open How large a share could be sold, at what price and to whom. Neither company commented, and no buyer has been named.
Italy’s Eni and Spain’s Repsol are weighing a partial sale of their stakes in Venezuela’s Perla gas field, Bloomberg reported on Saturday 3 October. The two companies own the offshore field in equal shares.
Citing people familiar with the matter, Bloomberg said the aim is to raise money to develop the field further. Caracas daily El Nacional and other Venezuelan outlets carried the report overnight.
What Bloomberg Reported
According to Bloomberg, both companies are considering whether to sell a portion of their holdings in the Perla gas field. The goal is to bring in additional funds for the next phase of development.
The report did not say how large a share might be offered, what it could fetch or who might buy it. Eni and Repsol did not comment to Bloomberg.
Selling part of a stake in a big field, known in the industry as a farm-down, is a common way to share cost and risk. It does not mean the sellers are leaving.
What Perla Is
Perla was discovered in 2009 in shallow waters of the Gulf of Venezuela, near the border with Colombia. With about 17 trillion cubic feet of gas, it ranks among the region’s biggest finds.
The field is run through Cardón IV, a venture Eni and Repsol own 50/50. It is Venezuela’s only producing offshore gas project.
All of its gas goes to Venezuela’s domestic market, mainly to generate electricity. PDVSA, the state oil company, buys the output under a contract priced in dollars.
Output stands at about 580 million cubic feet a day, or 16.4 million cubic metres, project manager Francisco Martínez said on 30 September. That figure was reported in Venezuela Gas Pipeline to Colombia Needs Repair on 1 October.
The Plan to Double Output and Export
In April, Bloomberg Línea reported that Eni and Repsol had reached a deal with the government of Delcy Rodríguez to expand the Perla gas field. The deal was agreed in mid-March and made public on 20 April.
It would more than double production to about 1,200 million cubic feet a day. Exports of liquefied natural gas, via a floating terminal, are due to start by the end of 2031.
Exports would begin only once the field supplies about 645 million cubic feet a day to the domestic market. Two more production platforms are planned by 2028.
The deal also extended the companies’ rights to operate from 2036 to 2051. It included compensation for gas taken in past years without payment, though the amount was not disclosed.
For Venezuela, more gas at home would mean more fuel for power stations, which take most of Perla’s output. Exports would earn hard currency from the field for the first time.
Unpaid Bills in the Background
Payment has long been the sore point for the Perla gas field. For years PDVSA fell behind on its bills to the two European partners.
Eni said in March that PDVSA owed it US$3.3 billion at the end of 2025, including about US$1 billion of interest. Repsol’s outstanding claims stood at US$5.28 billion.
Those figures were reported in March, as covered in Eni’s disclosure of unpaid Venezuela gas bills on 24 March. In April, Eni lifted its first Venezuelan crude cargo as payment in kind for Perla gas, under a March agreement with PDVSA.
Part of a Wider Opening
The report comes as Venezuela courts foreign energy capital after Nicolás Maduro’s removal in January. Washington and Caracas announced tie-ups with Chevron, Repsol, Eni and GE Vernova in September, Banca y Negocios noted.
Service companies are also circling. A Baker Hughes delegation discussed gas projects in Caracas, as covered in Venezuela Baker Hughes Talks Focus on Gas Projects on 3 October.
Gas is a growing part of that pitch. Venezuelan industry groups also want to reopen a pipeline that once carried gas to Colombia, which faces shortages of its own.
For a buyer, a slice of the Perla gas field would mean producing gas already, with an export plan attached. The risks are Venezuela’s payment record and its fast-changing politics.
What Comes Next
Neither company has announced a sale process, and Bloomberg’s report describes deliberations, not a decision.
The report does not mean Eni or Repsol are leaving Venezuela, and domestic gas supplies are not affected. Watch for a named buyer, a price and any change to the Perla gas field’s 2031 export timetable.
More: Latin America news in English, every day from The Rio Times.
What is the Perla gas field?
It is an offshore field in the Gulf of Venezuela, discovered in 2009, with an estimated 17 trillion cubic feet of gas. Eni and Repsol own it in equal shares.
Are Eni and Repsol leaving Venezuela?
No. Bloomberg reported that they are weighing selling part of their stakes in the Perla gas field to fund its expansion. That is not an exit.
When will Venezuela export gas from Perla?
Under the deal made public in April, exports of liquefied natural gas are due to start by the end of 2031, via a floating terminal.
Sources: Bloomberg (via El Nacional), 3 October 2026; Banca y Negocios, 4 October 2026; Seeking Alpha, 3 October 2026; Bloomberg Línea, 20 April 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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