Italian energy group Eni confirmed on Monday that it is in discussions with Spain's Repsol and Venezuela's state-owned PDVSA regarding the export potential and conditions for natural gas from Venezuela's Cardón IV project, though no final agreement has been reached yet.

An Eni spokesperson stated in a declaration, "We confirm that discussions are underway between Eni, Repsol, and PDVSA concerning the potential and conditions for natural gas exports from the Cardón IV project. However, we will not comment on details that have not been finalized by the parties."

This statement came in response to earlier media reports indicating that Eni and Repsol had reached an agreement with Venezuela to begin exporting liquefied natural gas from the country's offshore mega gas field by the end of 2031. The reported agreement, signed by Venezuela's interim president, would allow the two companies to more than double production from the Perla gas field and export via a floating LNG terminal.

Discovered in 2009, the Perla gas field is one of the largest natural gas finds in Latin America, with estimated reserves of approximately 17 trillion cubic feet. Its current daily output is around 585 million cubic feet, all of which supplies the Venezuelan domestic market. Under the reported agreement framework, exports could commence once domestic supply reaches 645 million cubic feet per day. The companies plan to add two new platforms by 2028, with exports starting after daily production reaches 1.2 billion cubic feet. The agreement also extends the field's operating lease from 2036 to 2051.

Reports also indicate that the deal includes guarantees for compensating Eni and Repsol for billions of dollars worth of natural gas extracted for Venezuela over many years but left unpaid. Eni's 2025 financial report shows a nominal receivable of about $3.3 billion from PDVSA, of which approximately $1 billion is accrued interest.