Offshore staff

CARACAS, Venezuela – Eni and Repsol have signed a gas sales agreement with PDVSA and the Minister of Petroleum and Mines of Venezuela to develop the Perla gas field.

Perla is in the Cardón IV block of the Gulf of Venezuela 50 km (31 mi) offshore in 60 m (197 ft) water depth.

Four appraisal and delineation wells have been drilled since discovery in 2009, and estimates of gas in place are 17 tcf.

Once the final investment decision for Phase 1 is made, light offshore platforms will installed and linked to an onshore central processing facility. Cost for Phase 1 is estimated at $1.4 billion.

Cardón IV is licensed and operated by the joint operating company Cardón IV S.A owned by Eni (50%) and Repsol (50%). The Venezuelan state company Petróleos de Venezuela S.A. (PDVSA) owns a 35% back-in right to be exercised in the development phase, and at that time Eni and Repsol will each hold a 32.5% interest in the project, which will then be jointly operated by the three companies.

12/23/2011