Venezuela Explores $1.5 Billion Project With EU to Curb Emissions
- Repsol, Eni, Maurel et Prom in talks to revamp PDVSA sites
- Project would chill gas in Trinidad before shipping to Europe
Gas flares behind a coal pile in Barcelona, Venezuela.
Photographer: Carolina Cabral/BloombergThis article is for subscribers only.
Venezuela is in early-stage talks with the European Union on a $1.5 billion plan to capture its methane emissions and export them to the bloc as natural gas with the help of Eni SpA and Repsol SA.
The project would use a portion of the EU’s Global Gateway Initiative funds to gather emissions from Venezuela’s idle oil wells and deteriorating infrastructure, according to people with knowledge of the situation and documents seen by Bloomberg. That gas would then be sent to Trinidad to be liquefied and shipped on to Europe.