Venezuela and Repsol agree strategic deal to boost gas output at Cardon IV joint venture

New agreements between Repsol and Venezuela's state-owned PDVSA, announced on March 13, 2026, aim to drive a substantial increase in natural gas production at their Cardon IV joint venture in Venezuela. This partnership targets an output of 800 MM, representing a focused effort to extract greater value from the asset. For PDVSA, this expansion directly advances Venezuela's energy supply goals and leverages existing national resources. Repsol, an integrated energy company, simultaneously expands its operational footprint in a key gas-producing region. The undisclosed value of these specific agreements suggests a commercially sensitive arrangement between the two parties. Repsol, actively investing in both oil and gas alongside renewable energy, enhances its upstream gas position through this Cardon IV expansion. Eni, an integrated energy company operating in 64 countries and committed to carbon neutrality by 2050, integrates this natural gas output increase from Cardon IV into its diverse energy portfolio. Working with PDVSA allows both Repsol and Eni to capitalize on established infrastructure and expertise within Venezuela. This deal, announced in 2026, demonstrates continued investment by these companies in conventional energy assets, even as they pursue broader energy transition strategies.