What is the key agreement Eni and Repsol reached with Venezuela regarding gas exports, and when is export expected to begin?

Eni SpA and Repsol SA reached a deal with Venezuela’s interim government—led by Delcy Rodríguez—to revive gas production and export from the offshore Perla field, with plans to start exporting liquefied natural gas (LNG) by the end of 2031. The agreement allows them to more than double production and export via a floating LNG terminal after meeting a domestic supply target of 645 million cubic feet per day, with full export beginning once total production reaches 1.2 billion cubic feet per day. The deal, signed in mid-March, extends their operating lease for the field from 2036 to 2051.

Why is the Perla field significant, and what were the main obstacles that delayed its development and export?

The Perla field, discovered by Eni and Repsol in 2009 near Venezuela’s border with Colombia, holds an estimated 17 trillion cubic feet of gas—making it one of the largest gas discoveries in Latin America. Its development was long stalled due to a contractual requirement that Eni and Repsol first supply Venezuela’s domestic market before exporting, coupled with years of unresolved disputes over how much gas the domestic market actually needed. Political turmoil, Venezuela’s decades-long oil-centric energy policy, and lack of agreement on payment for billions of dollars worth of previously pumped but unpaid-for gas further delayed progress.

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Eni, Repsol Reach Deal to Start Exporting Venezuelan Gas in 2031

Apr 20, 2026

Eni and Repsol secured a deal with Venezuela to expand the Perla field and begin LNG exports by 2031. The agreement includes compensation for past unpaid volumes and extends operations through 2051 following eased sanctions.

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Eni, Repsol Reach Deal to Start Exporting Venezuelan Gas in 2031, Bloomberg News Reports

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