Venezuela

In 2017, our presence
in Venezuela was focused
on our Upstream business

Upstream in Venezuela

  • Production / development
Repsol in Venezuela

Upstream

As of December 31st, 2017, we owned mineral rights to eight exploration/development blocks in Venezuela with a net surface area of 853 km2.

In 2017, net production totaled 5.0 mbbl of crude oil and natural gas liquids and 129.8 bscf of gas, an equivalent total net production of 28.1 mboe (77.054 boe/d). This oil and gas is mainly produced by the Perla gas project in the Cardón IV, Quiriquire, Barúa Motatán, Mene Grande, and Yucal Placer blocks. Net proved liquid and gas reserves were estimated at 577.5 mboe at year-end.

Milestones

  • In the Cardón IV block (Perla discovery), located 50 km off the coast in the shallow waters of the Gulf of Venezuela at a water depth of 60 meters, there were six production wells in 2017 with an average total daily production is 534 mscf/d. Production at this gas megafield began in July, in the block which is jointly owned (50/50) by Repsol and Eni. The Perla discovery was made in 2009 and was one of the most significant of that year, according to the company IHS. Perla is considered one of the most important offshore gas blocks in Latin America.

Upstream


Net surface area
of mineral rights

853

km2

Net
Production

77,054

barrels of
oil equivalent
per day

Net proved
reserves

577.5

million
barrels
of oil
equivalent

Information on net production, net proved reserves, and mineral rights
as of December 31st, 2017