Spanish major Repsol announced Monday that it commenced the first producing well at the Perla gasfield located 50 kilometres offshore the Gulf of Venezuela.

Repsol begins Perla field production

Venezuela

MADRID, July 7, 2015 – Spanish major Repsol announced Monday that has begun the first producing well at the Perla gasfield located 50 kilometres offshore the Gulf of Venezuela.

The Perla gasfield holds an estimated 17 tcf, representing the company’s largest gas find and Latin America’s largest offshore gasfield. Repsol expects to initially begin producing 150 mcf of gas per day and increasing to 450 mcf per day by year’s end. The field’s reserves are located at a water depth of 60 metres.

The company plans to increase production to 1.2 bcf per day by 2020 until 2036 when the contract for the block ends. The gas produced from this field is reserved for domestic consumption.

In 2009, a consortium between Repsol and Italian company Eni first discovered the Cardon IV block and has only drilled seven of the planned 26 wells. Both companies own equal shares in the block the licence for the block.