Location map

Spain-based energy company Repsol and Italy’s Eni have started first shipment from offshore gas field located in the Gulf of Venezuela to onshore facilities.

According to Venezuelan officials, the gas field was discovered in 2009 in the Gulf of Venezuela.

With proven gas reserves of 17 trillion square feet, the Cardon IV block located 50km offshore is producing the gas, MercoPress reported.

The gas producing block is part of the Rafael Urdaneta Project, which covers an area of 924km² and is situated in shallower water.

The Cardon IV-SA joint venture (JV) holds the operating license for the gas field.

“With proven gas reserves of 17 trillion square feet, the Cardon IV block located 50km offshore is producing the gas.”

State-owned oil company Petroleos de Venezuela’s Pdvsa Gas unit has a 50% interest, while Repsol and Eni hold the remaining 50% interest in the JV.

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The gas is being produced with the help of four platforms and would be transported onshore through underwater pipelines.

Pdvsa Gas CEO Anton Castillo said petrochemical plants producing fertilisers will use the natural gas, which would also be used to generate electricity.

Repsol carries out upstream and downstream activities globally and operates in all areas of the oil and gas industry.

Multinational oil and gas company Eni has operations in 79 countries and has a market capitalisation of $90bn as of 14 August 2013.

Image: Location map of Cardon IV block. Photo: © Repsol.