Spain’s Repsol and Italy’s Eni are advancing plans to raise
natural gas production at Venezuela’s Cardon IV field to 18.27mn
cubic metres per day from about 580mn, as part of a broader push to
expand the country’s energy output, Reuters reported.
Project manager Gonzalo Antonio Carrillo said the increase will
be implemented progressively, noting, “We’re going to move forward
step-by-step,” with an initial ramp-up followed by further drilling
and infrastructure enhancements. He did not provide a timeline for
reaching the target.
Officials have underscored that achieving higher output will
require accelerating repairs to Venezuela’s gas infrastructure and
improving the management of associated gas, with measures needed in
the short and medium term.
Separately, state oil company PDVSA is seeking to boost crude
exports to 1.06mn barrels per day (bpd) and fuel shipments to
134,000 bpd by the end of the year, while maintaining a longer-term
ambition of reaching 3mn bpd.
Exports have already shown signs of recovery, exceeding 1mn bpd
in March for the first time since September, driven by shipments to
India and flows to the Caribbean for storage.
Regulations linked to a broader reform of the oil sector are
still being finalised, indicating that policy adjustments remain
ongoing as Venezuela works to expand both gas and crude
production.
© 2026 bne IntelliNews, source Magazine
