Eni, Repsol in Talks on Venezuela Gas Exports, No Deal Yet

Eni and Repsol are in discussions with PDVSA over potential gas exports from Venezuela’s Cardon IV field, though no agreement has been finalized.

(Reuters) — Italian energy group Eni said on April 20 it was in discussions with Spanish peer Repsol and Venezuela's state-owned PDVSA over terms for potentially exporting gas from the South American country's Cardon IV field.

"We confirm that discussions are ongoing between Eni, Repsol and PDVSA regarding the potential and conditions for gas exports from the Cardon IV project," an ENI spokesperson said, adding that no deal had been finalized.

Repsol declined to comment.

Bloomberg News reported earlier on April 20 that Eni and Repsol had reached an agreement to start exporting natural gas from Venezuela by the end of 2031.

Venezuela said in March that it had signed "strategic agreements" on gas production with Repsol and Eni, with interim President Delcy Rodriguez saying at the time that the talks envisaged a 50-50 joint venture between Eni and Repsol.

Venezuela has accumulated more than $7 billion in debt towards Eni and Repsol as previous U.S. sanctions blocked the possibility for the two European groups to lift products from the country and sell them abroad.