Exploration & Production

Venezuela’s debt endangers La Perla development

Eni and Repsol have already choked off investment in Venezuelan gas production because of unpaid debts, and the worsening situation in the country may force more drastic action Eni and Repsol have already choked off investment in Venezuelan gas production because of unpaid debts, and the worsening situation in the country may force more drastic action.
By Chris Noon 20 June 2018 0 31373
A rig in the Cardón IV block. (Repsol)

Venezuela’s mounting gas supply debts are jeopardising development of the country’s giant La Perla field.

Gas production from the Cardón IV block, which contains La Perla, is currently around 55% lower than its 2020 target of 34 million cubic metres per day (MMcm/d). It is unlikely to increase because developers Eni and Repsol have reached “a situation of stalemate” with the cash-strapped Venezuelan government and have choked off investment to the field, a source close to the project partners, who spoke on condition of anonymity, told...