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Venezuela signs deal with Repsol, Eni for gas production
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Venezuela signs deal with Repsol, Eni for gas production
Mar 13, 2026 9:48 AM

March 13 (Reuters) - Venezuela has signed "strategic

agreements" on gas production with energy groups Repsol

of Spain and Italy's Eni, the government of the South

American country said on Thursday.

Speaking on state-run television, acting President Delcy

Rodriguez said the deals would allow for gas production at the

Cardon IV field, a 50-50 joint venture between Eni and Repsol.

She saidthey would also pave the way for the expansion for

exports.

"I am very pleased that this is being done hand in hand with

two European companies that stayed in Venezuela, that believed

in Venezuela and did not turn their backs on our people,"

Rodriguez said.

A spokesman for Eni said on Friday that the agreement laid

the groundwork for the group to restart exports of natural gas

and liquids from Venezuela, "after obtaining the necessary legal

and regulatory authorizations."

This would strengthen "Venezuela's position as a potential

regional exporter," the spokesman added.

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.

Venezuela's government said on Thursday it was committed to

seeking agreements with global investors in oil and gas.

After the United States captured President Nicolas Maduro in

January, it eased sanctions on Venezuela's energy sector,

issuing general licences that allow global energy companies to

operate oil and gas projects in the OPEC country.

Venezuela holds one of the largest oil reserves in the world

but has dilapidated energy infrastructure.

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