Eni (E) and Repsol have reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported Monday, citing sources familiar with the matter.

The deal, which was signed in mid-March, will allow the two companies to start exporting once they boost supplies for domestic use to 645 million cubic feet per day from 585 million currently. They plan to install two more platforms in the field by 2028 and begin exporting once they attain production of 1.2 billion cubic feet per day, the sources said.

The two companies have also been assured that they will be compensated for billions of dollars worth of gas that they have extracted in the field for domestic use in the past years, according to the report. The agreement also extends their operation lease to 2051 from 2036, the sources said.

The two companies aim to submit a final development plan for the field to state-owned oil firm Petroleos de Venezuela by June, the report said.

Eni confirmed to Bloomberg that the companies reached an agreement with the government to boost gas production and begin exports.

Eni and Repsol did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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