Repsol and Eni’s first Venezuelan shipment

Venezuela

CARACAS, August 5, 2015 – Spanish energy company Repsol and Italy’s Eni have begun shipments from gasfields offshore Venezuela to onshore facilities, with the first shipment completed over the weekend. Four platforms are being used to produce the gas and transported onshore using underwater pipelines.

Located 50 kilometres offshore in the Gulf of Venezuela, the Cardón 4 block has 17 tcf (481 bcm) of proven gas reserves. Repsol and Eni have formed the Cardón 4 joint venture, which has the operating licence to the field. State-owned oil company PDVSA Gas has a 50-percent share with Repsol and Eni owning the other half.

Natural gas coming from the field will be funneled to petrochemicals plants that will use it as feedstock to make fertiliser and to generate electricity, according to Anton Castillo, the CEO of PDVSA Gas.