PDVSA joins ENI on Perla

ENI and Venezuela’s state oil company has agreed to create a new joint venture to exploit the Perla field condensate reserves, estimated at 170MM bbls.

PDVSA will hold 60% in the new venture, with ENI holding the remaining 40%.

ENI is co-operator of Cardón IV, the operating company which manages the Perla gas field, which has 17Tcf estimated natural gas in place.

Perla shareholders, following the entry of PDVSA in the project, will be PDVSA (35%), Eni (32.5%) and Repsol (32.5%).

The agreement was made during a meeting between ENI CEO Paulo Scaroni and Rafael Ramirez, Venezuela’s minister of petroleum, in Caracas.

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