Cardón IV is a company equally owned by Eni and Repsol.
Said to be the largest offshore gas field discovered to date in Latin America, the field is expected to have a production capacity of 450 million cubic feet of gas per day in 2015 and 1,200 million cubic feet in 2020.
Eni estimates the field to have 17 trillion cubic feet (Tcf) of gas in place.
In order to optimize time to market and investment pace, the firms are developing the Perla field in three phases.
The Phase 1 has a production plateau of about 450 million standard cubic feet per day (Mscfd), while Phase 2 will have a plateau of 800Mscfd from 2017 and Phase 3 1,200Mscfd from 2020.
The field development project involves 21 producer wells and four offshore platforms which are linked through pipeline to a central processing facility (CPF) at Punto Fijo.
Cardón IV signed an agreement to sell the gas produced from the field to Venezuelan state-owned oil and natural gas company PDVSA until 2036.
