Finance
Eni Says Talking With Repsol on Venezuelan Gas Exports, No Deal Yet
Published by Global Banking & Finance Review®
Posted on April 20, 2026
2 min readLast updated: April 20, 2026
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Eni confirms ongoing talks with Repsol and PDVSA over potential Venezuelan gas exports from the Cardón IV project, but says no agreement has been finalized; previously signed strategic pacts aim to boost output and pave the way for exports, amid lingering debt issues.
Eni in Talks With Repsol and PDVSA Over Potential Venezuelan Gas Exports
Negotiations and Potential Agreements for Venezuelan Gas Exports
Current Discussions Between Eni, Repsol, and PDVSA
ROME, April 20 (Reuters) - Italian energy group Eni said on Monday it was in discussions with Spanish peer Repsol and Venezuela's state-owned PDVSA over terms for potentially exporting gas from the South American country's Cardon IV field.
"We confirm that discussions are ongoing between Eni, Repsol and PDVSA regarding the potential and conditions for gas exports from the Cardon IV project," an ENI spokesperson said, adding that no deal had been finalised.
Repsol's Position on the Talks
Repsol declined to comment.
Reported Agreement and Timeline
Bloomberg News reported earlier on Monday that Eni and Repsol had reached an agreement to start exporting natural gas from Venezuela by the end of 2031.
Background: Previous Agreements and Debt Issues
Strategic Agreements and Joint Venture Plans
Venezuela said in March that it had signed "strategic agreements" on gas production with Repsol and Eni, with interim President Delcy Rodriguez saying at the time that the talks envisaged a 50-50 joint venture between Eni and Repsol.
Outstanding Debt and Impact of U.S. Sanctions
Debt Accumulation
Venezuela has accumulated more than $7 billion in debt towards Eni and Repsol as previous U.S. sanctions blocked the possibility for the two European groups to lift products from the country and sell them abroad.
(Reporting by Giancarlo Navach, writing by Gavin Jones, editing by Alvise Armellini)
Key Takeaways
- •Eni, Repsol and PDVSA are discussing terms for possible natural gas exports from the Cardón IV project, but no deal has been closed yet.
- •A March strategic agreement with Venezuelan authorities secures gas production through 2026 and contemplates export options, pending legal approvals.
- •Venezuela owes significant amounts to Eni and Repsol—recent estimates suggest combined unpaid claims exceed $8 billion—reflecting longstanding payment challenges.
Frequently Asked Questions about Eni says talking with Repsol on Venezuelan gas exports, no deal yet
1Who is involved in the Venezuelan gas export discussions?
Eni, Repsol, and Venezuela's state-owned PDVSA are in discussions over potential gas exports from the Cardon IV field.
2Has a deal been finalized for Venezuelan gas exports?
No, Eni confirmed that discussions are ongoing but no agreement has been reached yet.
3What is the Cardon IV project?
The Cardon IV project is a Venezuelan gas field being considered for potential exports by Eni and Repsol in partnership with PDVSA.
4What was previously reported about the agreement?
Bloomberg reported that Eni and Repsol had reached an agreement to begin Venezuelan gas exports by 2031, but this has not been confirmed by the companies.
5Why does Venezuela owe a debt to Eni and Repsol?
Venezuela has accrued over $7 billion in debt to Eni and Repsol, mainly due to past U.S. sanctions blocking product exports.
