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Italy's Eni and Spain's Repsol, two of the largest European energy companies, plan to increase natural gas production from their jointly owned Cardon IV gas field in Venezuela.

Currently, output from the Venezuelan gas field, in which Eni and Repsol own 50% each, produces about 580 million cubic feet per day of natural gas. The joint venture aims to raise that production to 645 million cubic feet per day, the project's manager Gonzalo Antonio Carrillo told an energy conference in Venezuela, as carried by Reuters.

The companies also plan to improve the infrastructure at the Cardon IV gas field, the executive added.

Eni and Repsol have received U.S. licenses to operate in Venezuela after the U.S. captured Nicolas Maduro and took over control of Venezuela's oil exports.

The Spanish energy major has a general license from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), which authorizes Repsol and its subsidiaries to engage in transactions related to oil and gas operations in Venezuela with the Venezuelan government, PDVSA, and its affiliated entities.

Last month, Repsol and Eni signed a strategic agreement with the Venezuelan authorities to ensure the continuity of natural gas production throughout 2026 at the Cardon IV gas field and to reinforce the long-term stability of operations.

Separately, Repsol this month signed a new deal with the Venezuelan government, with plans to increase crude oil production in the country by 50% from current levels.

In the middle of April, Repsol signed an agreement with the Venezuelan Ministry of Hydrocarbons and state-owned oil firm PDVSA, subject to conditions being met, that will allow it to increase oil production at the Petroquiriquire joint venture, ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the Framework Agreement originally signed in 2023.

โ€œWe have the assets and the technical, operational, and human capacities on the ground to increase our production in the country,โ€ Repsol's Executive Managing Director of Exploration and Production, Francisco Gea, said after the signing of the contract.

By Tsvetana Paraskova for Oilprice.com

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