How will Eni physically export the gas from the Perla field?

Eni is evaluating two main options: constructing a pipeline to the nearby Atlantic LNG plant in Trinidad and Tobago or deploying a Floating Liquefied Natural Gas (FLNG) vessel directly over the field. The pipeline option is generally considered more cost-effective but requires complex maritime boundary agreements between Venezuela and Trinidad.

Does this deal mean U.S. sanctions on Venezuela have ended?

No, the broad sanctions regime remains in place, but the U.S. government has shifted toward a policy of granting specific, time-limited licenses to companies like Eni, Repsol, and Chevron. These waivers are designed to support global energy security and debt recovery without providing unconditional capital to the Venezuelan government.

What are the main risks to Eni's export plans?

The primary risks are political instability in Venezuela and the potential for 'snap-back' sanctions if the U.S. determines that Caracas is not meeting democratic milestones. Additionally, the aging infrastructure of the Venezuelan state energy company, PDVSA, could pose operational hurdles for integrated projects.

Natural Gas Intelligence · March 16, 2026 (Mar 16) · 1 min read

Eni Eyes Venezuela Natural Gas Exports as Perla Pact Opens LNG Path

ENI S.p.A.

Isometric technical illustration of offshore oil and gas operations with drillship and support vessel — Illustration: ENI S.p.A.

Analysis

AI-assisted analysis · reviewed by Yuri Kan

Eni is strategically positioning itself to transform its Venezuelan gas holdings from domestic supply assets into a global LNG export hub. This move follows a significant shift in the Venezuelan regulatory landscape, allowing foreign majors to monetize offshore reserves that were previously restricted to the local market. By leveraging the massive Perla field, Eni aims to enhance its global gas portfolio while providing Europe with a potential new source of non-Russian energy.

Key Facts

Eni SpA and its partner Repsol are in advanced talks with Caracas to secure an export license for the offshore Perla gas field.
The Perla field, situated in the Cardon IV block, contains an estimated 17 trillion cubic feet of natural gas reserves.
Current production at the field is approximately 550 million cubic feet per day, which has historically been dedicated to Venezuela's domestic power grid.
The proposed export strategy may involve subsea pipelines connecting to Trinidad and Tobago's Atlantic LNG terminal or the use of floating LNG technology.
This development is made possible by the U.S. Treasury Department's issuance of licenses that permit specific transactions with Venezuela's state energy sector.
Venezuela currently possesses the largest proven natural gas reserves in Latin America but lacks any functional export infrastructure.

Background & Context

The Perla field was discovered in 2009 and represented one of the most significant offshore gas finds in the Western Hemisphere at the time. For over a decade, Eni and Repsol faced challenges in repatriating profits and expanding operations due to Venezuela's economic collapse and subsequent international sanctions. The global energy crunch following 2022 has prompted a pragmatic reopening of Venezuela's energy sector, with Western governments cautiously supporting deals that increase global supply.

Market Impact

This agreement marks a major victory for Eni's long-term strategy of maintaining a footprint in high-risk, high-reward jurisdictions. If successful, it will allow Eni to recover billions in outstanding debt from the Venezuelan state through gas sales rather than cash payments. The project could also catalyze the development of a regional gas hub in the Caribbean, linking Venezuelan upstream assets with Trinidadian processing capacity. For the global market, this adds a significant potential volume of LNG that could eventually compete with East Mediterranean and African supplies to Europe.

What to Watch

The immediate next step is the formal signing of the amended license agreement, which will define the tax and royalty structure for exports. Industry observers should watch for technical announcements regarding the chosen export route, specifically whether a deal is reached with the government of Trinidad and Tobago. The long-term viability remains tethered to the 2024 Venezuelan electoral cycle and the continued stability of U.S. sanctions waivers.

Frequently Asked Questions

How will Eni physically export the gas from the Perla field?: Eni is evaluating two main options: constructing a pipeline to the nearby Atlantic LNG plant in Trinidad and Tobago or deploying a Floating Liquefied Natural Gas (FLNG) vessel directly over the field. The pipeline option is generally considered more cost-effective but requires complex maritime boundary agreements between Venezuela and Trinidad.
Does this deal mean U.S. sanctions on Venezuela have ended?: No, the broad sanctions regime remains in place, but the U.S. government has shifted toward a policy of granting specific, time-limited licenses to companies like Eni, Repsol, and Chevron. These waivers are designed to support global energy security and debt recovery without providing unconditional capital to the Venezuelan government.
What are the main risks to Eni's export plans?: The primary risks are political instability in Venezuela and the potential for 'snap-back' sanctions if the U.S. determines that Caracas is not meeting democratic milestones. Additionally, the aging infrastructure of the Venezuelan state energy company, PDVSA, could pose operational hurdles for integrated projects.

Read on Natural Gas Intelligence