The field has reserves equivalent to more than 13 years of Spanish gas consumption
Repsol begins development of the super-giant Perla field in Venezuela
Press Release23/12/2011 00:00
Antonio Brufau has signed a gas supply contract in Caracas that will allow the development of production from the significant reserves in the Perla field, Repsol and Latin America’s biggest ever gas discovery and one of the largest finds in the world.
Perla was discovered by Repsol and Eni in 2009 in the Cardón IV block, located in shallow water in the Gulf of Venezuela, 50 miles offshore.
Production from Perla is expected to be 300 million cubic feet/day of gas in the first few years, which would eventually increase fourfold to 1.2 billion cubic feet/day.
The estimated investment for the first phase of the project is $1.5 billion.
Once development has begun, PDVSA will have a 35% stake in the consortium and Repsol and Eni will each have a 32.5% share.
Perla already has five wells that will be put into production using offshore platforms and underwater connections to take the gas onshore, where it will be processed and sent through the Venezuelan distribution network.
Cardón IV is one of the ten key exploration and production projects for Repsol in its current development portfolio.
Antonio Brufau: “We are very satisfied as the start of production from Perla's large gas reserves is a milestone in the history of our company’s incorporation of resources, and also in the energy history of Venezuela.”