Eni and Repsol plan to raise Cardón IV gas output as Venezuela pushes broader oil and gas expansion goals.
Spain’s Repsol and Italy’s Eni are working to raise natural gas production from Venezuela’s Cardón IV offshore gas field, signaling renewed momentum in the country’s energy recovery efforts. The joint venture aims to increase output from the current 580 million cubic feet per day (mmcfd) to 645 mmcfd, according to project manager Gonzalo Antonio Carrillo, who shared the update during the Venezuela Energética conference held in Caracas.
Carrillo explained that the expansion will be approached gradually rather than through an immediate large-scale jump. He noted that the first milestone is to slightly increase production to 645 mmcfd, after which the companies will focus on drilling additional wells and upgrading field infrastructure to support further capacity growth. While he did not provide a specific timeline for achieving the new production target, he emphasized that progress would come in measured phases designed to ensure operational stability and long-term efficiency.
The Cardón IV field, one of Venezuela’s most significant offshore gas assets, plays an essential role in supplying domestic industries and power generation. The government sees the project as strategically important for strengthening national energy security and potentially positioning Venezuela as a stronger regional gas supplier in the future. Earlier agreements between Venezuela, Repsol, and Eni also highlighted plans to secure domestic supply first before moving toward larger export ambitions.
Supporting this objective, Venezuela’s Vice Minister for Gas, Cindy Rondón, stressed the urgent need to accelerate repairs and modernization across the country’s gas infrastructure network. She stated that Venezuela must prioritize the recovery of damaged and aging facilities while also launching projects that improve the management of associated gas produced alongside crude oil. According to Rondón, these infrastructure improvements are critical short- and medium-term solutions needed to stabilize supply and unlock higher production efficiency across the sector.
At the same conference, senior officials from state-owned oil giant PDVSA outlined broader ambitions for Venezuela’s hydrocarbon sector. Jovanny Martinez, Executive Vice President of PDVSA, announced that the country plans to increase crude oil exports to 1.06 million barrels per day while fuel exports are expected to rise to 134,000 barrels per day by the end of the year. He further stated that the company’s long-term aspiration is to eventually reach 3 million barrels per day in oil production, a level that would mark a major recovery from years of decline caused by sanctions, underinvestment, and operational disruptions.
Monthly crude exports already crossed the 1 million barrels per day mark in March for the first time since September, driven largely by stronger shipments to refiners in India and increased cargo movements to Caribbean storage hubs. This improvement reflects a broader push by the Venezuelan government to restore confidence in the sector and attract stronger international participation.
Martinez also confirmed that regulations linked to Venezuela’s sweeping oil reform law are still under development. These reforms are expected to play a key role in shaping future investment frameworks and operational rules for both domestic and foreign energy companies. As Eni and Repsol move forward with Cardón IV expansion plans, the success of infrastructure rehabilitation and regulatory clarity will be central to determining how quickly Venezuela can transform its gas and oil ambitions into sustained production growth.
