Eni and national oil and gas company PDVSA have signed strategic agreements concerning the exploitation of the Perla gas field in Venezuela. The first agreement is a Memorandum of Understanding for the creation of a new company (60% PDVSA through CVP, 20% Eni, 20% Repsol) which will develop and produce Perla’s condensate reserves. Currently the condensate reserves are property of the Republic of Venezuela. The second agreement is a Term Sheet which establishes the key elements for up to US$1bn investment structure to finance PDVSA’s (CVP) share in the Perla development. Eni and Repsol will contribute with up to US$500m each.
The Perla field, located in the Cardón IV block in the Gulf of Venezuela, was discovered in 2009. The current estimate of gas in place is about 17 Tcf (around 480 bcm), or 3.1 Gboe. The Cardón IV block is licensed and operated by a joint venture of Eni (50%) and Repsol (50%). PDVSA exercised its 35% back-in right and, after the imminent signature of a Sale and Purchase Agreement, it will get its ownership stake in the Company, which will be jointly operated. Eni and Repsol will each keep a 32.5% interest. Perla production start up is expected by the end of 2014; production will reach the following peaks: Phase I at 300 mcf/d (3.1 bcm/year), Phase II at 800 mcf/d (8.2 bcm/year) and Phase III at 1,200 mcf/d (12.4 bcm/year).