Venezuela Teams with Repsol ENI in 7 Billion Natural Gas Deal

Venezuela Teams with Repsol, ENI in $7 Billion Natural Gas Deal

CARACAS -- Venezuela's oil giant PDVSA announced Wednesday it was teaming with Repsol and ENI on a $7 billion investment to exploit a massive natural gas field.

The Perla 3X field in Falcon state is slated to 450 million cubic feet of gas a day in 2015, and then 1.2 million a day at maximum capacity, PDVSA chief Rafael Ramirez said in Caracas.

"It is quite a complex field that turned out to be the great natural gas find in Latin America," said Repsol chief Antonio Brufau.

The field holds estimated reserves of 15 trillion cubic feet of gas.

Spain's Repsol is an oil and gas firm, and ENI is an Italian integrated energy company.

Copyright Agence France-Presse, 2014

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