Eni and Repsol are set to boost gas output at Venezuela’s Cardon IV field. The companies aim to raise production from 580 million cubic feet per day to 645 million cubic feet per day. The joint venture, in which each company holds a 50 % stake, has secured U.S. licenses following the U.S. takeover of Venezuela’s oil exports. A general OFAC license now permits Repsol and its subsidiaries to transact with PDVSA and affiliated entities. The companies plan to improve infrastructure at the Cardon IV gas field. They also intend to increase crude oil production by 50 % under a new agreement with the Venezuelan government, subject to conditions. A strategic agreement signed last month will ensure continuity of natural gas production through 2026. Gonzalo Antonio Carrillo, the project manager, told an energy conference that the target of 645 million cubic feet per day is achievable. Repsol’s Executive Managing Director of Exploration and Production, Francisco Gea, said after the signing of the contract that the company has the assets and the technical, operational, and human capacities on the ground to increase production in the country. Separately, Repsol signed a new deal with the Venezuelan government to increase crude oil production in the country by 50% from current levels. In the middle of April, Repsol signed an agreement with the Venezuelan Ministry of Hydrocarbons and state-owned oil firm PDVSA, subject to conditions being met, that will allow it to increase oil production at the Petroquiriquire joint venture, ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the Framework Agreement originally signed in 2023. "We have the assets and the technical, operational, and human capacities on the ground to increase our production in the country," Repsol's Executive Managing Director of Exploration and Production, Francisco Gea, said after the signing of the contract.