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Eni SpA signs strategic agreements for Perla field in Venezuela

Wednesday, 4 Jun 2014 01:58pm EDT 

Eni SpA:Says it signed strategic agreements concerning the exploitation of the Perla field.The first agreement is a Memorandum of Understanding for the creation of a new company (mixed enterprise) which will develop and produce Perla’s condensate reserves.The new company will be jointly run by CVP (PDVSA’s affiliate) with a 60 pct participation, Eni with 20 pct and Repsol with 20 pct.To date the condensate reserves are property of the Republic of Venezuela.The second agreement is a Term Sheet which establishes the key elements for up to $1 billion investment structure to finance PDVSA’s (CVP) share in the Perla development.Eni and Repsol will contribute with up to $500 million each.Both agreements are subject to final contracts to be signed and to the approval of local authorities.The Perla field, located in the Cardon IV block in the Gulf of Venezuela, 50 kilometers from the shore in a water depth of 60 meters, was discovered in 2009.The current estimate of gas in place is about 17 Trillion cubic feet (Tcf), or 3.1 billion barrels of oil equivalent. 

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-1.01 -1.87%
25 Jul 2014