Venezuela has signed an agreement to export natural gas to other markets with Italian state oil company ENI and Spain’s Repsol.

“In the presence of the ENI and Repsol authorities, we signed the permit for the export of natural gas liquids (LNG) from the Cardón IV license. Teamwork, Safe Victory!”, the Minister of Venezuelan oil and head of Petróleos de Venezuela, Rafael Tellechea.

The managing partner of Gas Energy Latin America for Venezuela, Antero Alvarado, has affirmed that this is a “necessary previous step” before both multinationals participate in other larger export projects in the region, according to the newspaper El Espectador.

The contract will allow a condensate recovery plant owned by Eni and Repsol to export the product to Europe, although no dates have been confirmed for when these exports will begin.

Cardón IV, a natural gas company managed jointly by Repsol and ENI that produces condensate sent to feed PDVSA’s refineries, has increased to 500 million cubic feet (about 14 million cubic meters) of natural gas per day in 2023, 31 % more than in 2019, according to Bloomberg data.

The signing came as the Venezuelan government and the companies negotiate to “have greater operational control over oil companies jointly owned with state energy company PDVSA.”

Source: dpa

(Reference image source: Eduardo Parra, Europa Press / dpa)

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