-- European energy majors Repsol and Eni (E) are moving to increase output at Venezuela's Cardon IV offshore gas field said project manager Gonzalo Antonio Carrillo, according to a Reuters report on Monday.
Speaking at the Venezuela Energetica conference, Carrillo described the ramp-up as an incremental step-by-step process that will eventually require new drilling and infrastructure upgrades, though he did not provide a specific timeline for reaching the new target, as per the report.
The push for higher gas volumes coincides with an ambitious production drive by state oil firm PDVSA.
Jovanny Martinez, PDVSA's executive vice president, said that Venezuela aims to increase crude exports to 1.06 million barrels per day, with fuel exports expected to hit 134,000 bpd by year-end, the report noted.
Martinez reaffirmed the country's long-term goal of returning to 3 million bpd, noting that March exports recently surpassed the 1 million bpd threshold for the first time since 2024, driven by demand from Indian refiners and Caribbean storage hubs.
Infrastructure remains a critical bottleneck for the country. Vice Minister for Gas Cindy Rondon emphasized the urgent need to accelerate repairs and optimize the handling of associated gas to meet short-term goals, Reuters said.
The legal landscape remains in flux meanwhile as Martinez confirmed that regulations for a sweeping oil reform law are still being finalized, the article said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)