The agreement signed on March 13, 2026 between Eni, the Spanish Repsol and the Venezuelan state company PDVSA represents a geopolitical turning point for Latin America. After years of isolation, Venezuela officially reopens the doors to European energy giants to exploit the Cardón IV offshore field, one of the largest on the continent.
The words of Delcy Rodríguez: “Always by our side”
The interim president and key figure in the Venezuelan transition, Delcy Rodríguez, presided over the signing ceremony at the PDVSA headquarters, using tones full of political gratitude. He wanted to underline how the two European companies never abandoned the country, not even during the most critical phases of international sanctions: “We are deeply grateful to Eni and Repsol for remaining alongside the Venezuelan people in the most difficult and complicated moments. They did not turn their backs on our country and today we reap the fruit of this joint effort together.”
Rodríguez then explained that the agreement is the pillar of the 2026-2028 strategic plan: “The agreement not only guarantees the supply of gas for national development and internal consumption, but will allow Venezuela to finally transform itself into a gas exporting country.”
Eni’s position: sustainability and exports
For its part, Eni responded with a note that balances commercial satisfaction with the operational caution, typical of a giant listed on the stock exchange. The Italian company sees in this signature the possibility of finally making its investments profitable: “The agreement allows us to continue supplies of natural gas to the country through PDVSA in an economically sustainable way during 2026 and to consolidate and expand them in the longer term, contributing to energy stabilization”.
The management of the Italian major also placed emphasis on the big news: the export license. Eni stated that it will evaluate this opportunity by making available “the experience gained in the construction of large offshore liquefaction (LNG) projects successfully developed throughout the world”, once the necessary authorizations have been obtained.
The unique moment for the country: a regime in transition
To understand the importance of these words, we must look at the political context. The signature comes a few weeks after the entry into force of the new Reform of the Hydrocarbons Law, which has drastically reduced state control over oil operations, effectively opening the sector to private individuals and foreign investors.
This opening was made possible by the drastic change at the top of the country. After the exit of Nicolás Maduro (captured by US special forces in January), the transitional government led by Rodríguez is trying to legitimize itself in the eyes of the international community and the markets. The release of over 600 political prisoners in recent weeks and the constant dialogue with the US Treasury Department have created that “diplomatic corridor” which today allows Eni and Repsol to operate without the risk of heavy legal retaliation from Washington.
The challenges and prospects
The Cardón IV field currently produces 580 million cubic feet of gas per day. The goal is to double this figure by 2028. However, the challenge remains immense: Venezuela must rebuild an entire infrastructure network that has suffered for decades from lack of maintenance.
From this point of view, the agreement with Eni and Repsol is therefore more than an energy contract: it is the thermometer of a country that is struggling to return to being a reliable player in the global market.
