Spanish major Repsol S.A. announced Monday that it has begun production at its giant Perla gas field in the Gulf of Venezuela.
Holding an estimated 17 trillion cubic feet of gas in place, Perla is the largest gas discovery in Repsol’s history. The company expects it to produce 150 million cubic feet of gas per day initially, rising to 450 million cubic feet per day by the end of 2015. This gas is intended to be used for local consumption in Venezuela.
During the following two phases of development, Perla’s output will increase to 1.2 billion cubic feet per day by 2020 – a volume that is expected to be maintained until 2036.
Perla was discovered in 2009 by Repsol and Eni, the operators of the Cardón IV block, in shallow waters in the Gulf of Venezuela, 30 miles offshore.
Repsol said that the start-up of Perla is the eight key growth project to be completed in its 2012-to-2016 strategic plan.