Spanish energy company Repsol and Italian oil and gas firm Eni will each invest $500m to develop the Perla offshore gas field in Venezuela.
Eni, Repsol and Venezuela state-run oil and gas firm Petroleos de Venezuela have signed strategic agreements regarding the exploitation of the Perla field.
Repsol and Eni will each own 20% of a joint-venture (JV) firm that is planned to be established to exploit the field, with the remaining 60% to be held by Petróleos de Venezuela.
The JV firm will develop and produce Perla’s condensate reserves, which are currently held by Venezuela.
Both the deals are subject to final contracts and approval from local authorities.
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The Perla field is located in the Cardón IV block in the Gulf of Venezuela, 50km from the shore in a water depth of 60m.
The current estimate of gas in place is approximately 17 trillion cubic feet or 3.1 billion barrels of oil equivalent.
The Perla field is anticipated to start production by the end of 2014 with peak of 300 million standard cubic feet per day in the first phase.
Production from the field is expected to reach 800 million standard cubic feet per day in phase two and 1,200 million standard cubic feet per day in the third phase.
The Perla field was discovered in 1976 and exploration activities were carried out by the partners in 2009 to estimate the reserves present.
The well had encountered a 240m hydrocarbon column by October 2009, when the discovery was among the greatest hydrocarbons finds in the world.
Image: Eni Rome headquarters. Photo: courtesy of Eni.
