The Perla field is located in the Cardón IV block in the Gulf of Venezuela, 50km from the shore in a water depth of 60m.
Subsequently four successful appraisal and delineation wells have been drilled.
The current estimate of gas in place is of about 17 trillion cubic feet (Tcf), or 3.1 billion barrels of oil equivalent.
Furthermore, the GSA scheduled to be in place until 2036 will provide Venezuela with a further gas source for power generation, refining, petrochemical and heavy oil upgrading projects.
The total commitment quantities under this agreement are approximately 8.7 Tcf, according to three phases planned: Phase I at 300 million standard cubic feet per day (scfd), Phase II at 800 million scfd and Phase III at 1,200 million scfd.
The Cardon IV block owned by Eni (50%) and Repsol (50%), is licensed and operated by the joint operating company Cardon IV.
Cardon IV, following the execution of the GSA, will proceed to the final investment decision for Phase I.
The $1.4bn Phase I of the project includes utilization of the wells already drilled and the installation of light offshore platforms linked through a gas pipeline to a central processing facility (CPF) located onshore.
Phase II and III will require additional drilling from the platforms installed in Phase I, and the expansion of the CPF processing capacity.
