Venezuela Issues NGL Export Permit to Eni, Repsol in Cardon IV
- Cardon IV venture has increased gas, condensates production
- Deal seals years of discussions on exporting terms for cos.
The Petroleos de Venezuela SA El Palito refinery in El Palito, Venezuela.
Photographer: Manaure Quintero/BloombergVenezuela has signed an agreement with European energy giants Eni and Repsol that allows for the export of natural gas liquids -or condensates- to other markets, according to Pedro Tellechea, the country’s oil minister and Petroleos de Venezuela head.
The deal comes after years of discussions with Italy’s Eni and Spain’s Repsol for an exporting permit on condensates, a by-product of the natural gas production operation in Cardon IV, a venture they jointly run. The Cardon IV project has increased to 500 million cubic feet of natural gas per day in 2023, up 31% from 2019, according to data seen by Bloomberg. Average production of condensates were at 16,000 barrels a day in May.