Venezuela has signed a strategic agreement with the Italian company Eni and the Spanish company Repsol to strengthen the exploitation of the Cardón IV gas field, one of Latin America's largest offshore fields, with the initial goal of ensuring natural gas supplies for domestic consumption.
The agreement directly involves the state-owned company Petróleos de Venezuela (PDVSA).
The field currently produces 580 million cubic feet of gas per day.
The agreement aims to expand investments, increase production capacity, and advance the 2026-2028 strategic plan, allowing Venezuela to consolidate its position as a reliable energy supplier and potential gas exporter. Venezuelan interim president Delcy Rodríguez praised Repsol and Eni's presence in the country even during "the most difficult times." "I am very grateful to two European companies that remained in Venezuela, that believed in Venezuela, and that did not turn their backs on our people." Eni said the deal would help energy stability in the South American country.
"The agreement announced by Venezuelan President Delcy Rodríguez allows us to continue economically sustainable natural gas supplies to the South American country through PDVSA throughout 2026 and to consolidate and expand them in the longer term, contributing to energy stability," Eni said in a statement.
