Eni, Repsol start production at Perla gas field offshore Venezuela

MILAN -- Eni has started production from the giant gas field Perla, in the Gulf of Venezuela. The first production well has been opened and is currently in the clean-up phase.

The field is located in the Cardón IV Block operated by Cardón IV S.A., a company jointly owned by Eni (50%) and Repsol (50%). Perla is the largest offshore gas field discovered to date in Latin America and the first gas field to be brought to production offshore Venezuela.

Perla holds 17 Tcf of gas in place, which corresponds to 3.1 Bboe, with additional potential. The reservoir consists of Mio-Oligocene age carbonates with excellent characteristics, located at approximately 3,000 m below sea level, at a water depth of 60 m. The best wells are estimated to produce over 150 MMscfgd each.

The development of Perla has been planned in three phases to optimize the time to market and the investment pace: Phase 1 (Early Production) has a production plateau of about 450 MMscfgd (corresponding to approx. 40,000 boed net to Eni) increased from the 300 MMscfgd initially planned, Phase 2 has a plateau of 800 MMscfgd from 2017 (corresponding to approx. 73,000 boed net to Eni) and Phase 3 has a plateau of 1,200 MMscfgd from 2020 (corresponding to approx. 110,000 boed net to Eni).

The development plan includes four light offshore platforms linked by a 30-in. pipeline to an onshore Central Processing Facility (CPF) at Punto Fijo (Paraguaná Peninsula) and 21 producer wells. In the CPF, two treatment trains have been installed with the capability of handling 150 MMscfgd and 300 MMscfgd each.

The development of the field, discovered in late 2009, was completed in 5 years, an industry-leading time to market.

Cardón IV signed a Gas Sales Agreement with PDVSA for all three phases, until 2036. The gas will be mainly used by PDVSA for the domestic market.

Eni’s other operations in Venezuela include the Junín-5 heavy oil block (PDVSA 60%, Eni 40%), located in the Orinoco Oil Belt, which holds 35 Bbbl of certified oil in place. Junín-5 production started in March 2013. In addition, Eni holds a 26% stake in PetroSucre, the operating company which operates the offshore Corocoro oil field, (PDVSA holds the remaining 74%). Eni’s current net production in Venezuela is approximately 12,000 boed and is expected to exceed 50,000 boed by year end, mainly due to the increase in production from Perla.