Finance
Eni, Repsol Reach Deal to Start Exporting Venezuelan Gas in 2031, Bloomberg News Reports
Published by Global Banking & Finance Review®
Posted on April 20, 2026
1 min readLast updated: April 20, 2026
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Eni and Repsol have struck a deal with Venezuela to revive the offshore Cardón IV (Perla) gas project, aiming to double output and launch LNG exports via a floating terminal by end‑2031. Sanctions relief and prior condensates permits provide key regulatory support.
Eni and Repsol Agree to Start Exporting Venezuelan Gas by 2031
Major Gas Export Deal Reached Between Eni, Repsol, and Venezuela
Agreement Details and Timeline
April 20 (Reuters) - 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 News reported on Monday.
Production Expansion and Export Plans
The agreement will let the companies more than double production at the field, located in the Gulf of Venezuela, and export the fuel as liquefied natural gas from a floating terminal, the report said, citing people familiar with the matter.
Verification and Reporting
Reuters could not immediately verify the report.
(Reporting by Angela Christy in Bengaluru; Editing by Jonathan Ananda)
Key Takeaways
- •The agreement targets expansion of Perla/Cardón IV gas field (currently ~580 million cubic feet/day) for domestic supply and future LNG exports via floating terminal by 2031, per Bloomberg and Reuters reports. (ansa.it)
- •Earlier steps include a 2023 permit for export of natural gas liquids (condensates) from Cardón IV and 2026 strategic agreement to ensure gas production continuity through 2026—setting groundwork for long‑term export ambitions. (bloomberg.com)
- •U.S. sanctions relief—via OFAC general licenses—has enabled Eni and Repsol to recommence operations and explore export solutions, bolstering investor confidence in Venezuela’s LNG potential. (repsol.com)
References
Frequently Asked Questions about Eni, Repsol reach deal to start exporting Venezuelan gas in 2031, Bloomberg News reports
1When will Eni and Repsol start exporting Venezuelan gas?
Eni and Repsol aim to begin exporting natural gas from Venezuela by the end of 2031.
2What does the new agreement with Caracas involve?
The deal allows Eni and Repsol to more than double production at an offshore field and export liquefied natural gas.
3Where is the gas field located?
The offshore gas field is situated in the Gulf of Venezuela.
4How will the gas be exported?
The gas will be exported as liquefied natural gas from a floating terminal.
