Upstream in Venezuela
Picture of the country


In 2016, our presence in Venezuela was focused on our Upstream business.

Net surface area
of mineral rights



Net production


barrels of oil
equivalent per day

Net proved reserves


million barrels of oil
equivalent per day


As of December 31st, 2016, we owned mineral rights to eight exploration blocks in Venezuela, with a net surface area of 853 km2.

Net production for the year totaled 4.9 Mbbl of oil and liquids separated from natural gas and 129.3 bscf of gas, with an equivalent total net production of 27.9 Mboe (76,199 boe/d), mainly from the Perla gas project in the Cardón IV block and Quiriquire, Barúa Motatán, Mene Grande and Yucal Placer blocks. Net proved reserves of liquids and natural gas were estimated to be 595.5 Mboe at year-end.


  • In April, the offshore well Perla 9, located in the Perla field in the Cardón IV block commenced production. In the second quarter of the year, the drilling of another production well, Perla 10, was completed in order to be put into production. Average production in 2016 was maintained around approximately 500 Mscf/d. In the following developing phase, it is estimated that it could reach a production of up to 800 Mscf/d with a possible intermediate phase of 600 Mscf/d.

The Cardón IV Block, located in shallow waters of the Gulf of Venezuela 50 km offshore and with a water depth of approximately 60 meters, is a 50/50 joint ownership between Repsol and Eni and production at this mega gas field commenced in July 2015. In September 2015, the second well was put into production, in October the third, and in November the fourth, which made it possible to achieve the gas production objective for the first development phase of the Perla field, with a total production of 150 million cubic feet per day (Mscf/d), at the beginning of December hitting a peak of 500 Mscf/d.

The Perla find was made in 2009 and was considered to be one of the greatest finds in that year by the company IHS. Perla is considered to be one of the largest offshore gas fields in Latin America.


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Information on net production, net proved reserves, and mineral rights as of December 31st, 2016