They believed in Venezuela when others turned away
En las aguas del Caribe, donde el declive energético de Venezuela ha sido tan pronunciado como su crisis económica, el gobierno de Caracas ha firmado un acuerdo con Repsol y Eni para desarrollar el campo gasífero Cardón IV, uno de los más grandes de América Latina. El pacto, tejido entre la lealtad de dos empresas europeas que no abandonaron al país en sus años más oscuros y la ambición de una nación que busca recuperar su lugar como potencia energética, apunta tanto al abastecimiento interno como a la exportación. Es, en su esencia, una apuesta sobre si la inversión extranjera y la voluntad política pueden revertir una década de deterioro en infraestructuras críticas.
- Venezuela lleva años con un sistema eléctrico al límite, y la escasez de gas doméstico ha agravado una crisis que afecta a millones de ciudadanos en su vida cotidiana.
- Mientras la mayoría de las empresas internacionales se retiraron del país durante su colapso económico, Repsol y Eni mantuvieron operaciones, convirtiéndose en los socios de confianza que Caracas necesitaba para relanzar su sector energético.
- El acuerdo firmado esta semana entre PDVSA, Repsol y Eni pone en marcha la explotación ampliada de Cardón IV, un campo que ya produce 580 millones de pies cúbicos de gas al día y que podría crecer significativamente con inversión y tecnología.
- El gobierno venezolano enmarca el pacto como el primer paso de una estrategia para competir en los mercados globales de gas, con un horizonte que se extiende hasta 2028.
- La gran incógnita sigue siendo si Venezuela podrá sortear las sanciones internacionales, asegurar financiación y gestionar los desafíos técnicos de la producción offshore para que las promesas del acuerdo se conviertan en realidad.
El gobierno venezolano firmó esta semana un acuerdo con la española Repsol y la italiana Eni para desarrollar Cardón IV, un gigantesco campo gasífero offshore que ya produce cerca de 580 millones de pies cúbicos de gas al día. El pacto, suscrito por la nueva ministra de Hidrocarburos Paula Henao, el presidente de PDVSA Héctor Obregón y representantes de ambas compañías europeas, busca garantizar el suministro interno de gas —esencial para un sistema eléctrico en crisis— y abrir la puerta a las exportaciones.
Delcy Rodríguez, al frente del gobierno venezolano, subrayó en una intervención televisiva que Repsol y Eni merecían este reconocimiento por haber permanecido en Venezuela cuando otras multinacionales dieron la espalda al país. La fidelidad durante los años más duros se convierte así en ventaja competitiva: ambas empresas cuentan con infraestructura y relaciones ya establecidas en el terreno, algo que ningún recién llegado puede igualar.
Repsol había anticipado el movimiento: en febrero, su consejero delegado Josu Jon Imaz anunció que la compañía había obtenido las licencias para retomar operaciones diarias. El plan estratégico de la firma para 2026-2028 contempla una expansión de la capacidad productiva junto a PDVSA, y su director general de exploración y producción participó en la ceremonia de firma.
El acuerdo se presenta en Caracas como el primer capítulo de una reconversión de Venezuela en potencia energética global. Sin embargo, el éxito del proyecto dependerá de factores que aún están lejos de resolverse: la capacidad del país para atraer financiación, superar los retos técnicos de la producción en alta mar y maniobrar dentro de un entorno de sanciones internacionales que sigue limitando su margen de acción.
Venezuela's government signed an agreement this week to develop one of Latin America's largest gas fields, betting that European investment and expertise can revive the country's energy sector. The deal, struck between the Venezuelan state oil company PDVSA, Spain's Repsol, and Italy's Eni, centers on Cardón IV, a massive offshore gas field currently producing 580 million cubic feet of gas per day. The arrangement aims to secure Venezuela's domestic gas supply while creating capacity for exports—a significant shift for a nation whose energy infrastructure has deteriorated sharply over the past decade.
The agreement was signed Thursday by Paula Henao, Venezuela's new hydrocarbon minister, alongside PDVSA president Héctor Obregón and representatives from both European firms. Delcy Rodríguez, who leads Venezuela's government, emphasized during a state television broadcast that Repsol and Eni had remained committed to Venezuela when other international companies withdrew. "I am very pleased that it is with the hand of two European companies that stayed in Venezuela, that believed in Venezuela and did not turn their backs on our people," she said, framing the partnership as a reward for loyalty during the country's most difficult years.
Repsol had already signaled its intention to expand operations in Venezuela. In February, the company's chief executive, Josu Jon Imaz, announced that the firm had received the licenses necessary to resume daily operations and was preparing to restart work. Francisco Gea Pascual de Riquelme, Repsol's general director of exploration and production, participated in this week's signing ceremony. The company has outlined an ambitious strategic plan for 2026 through 2028 that includes expanding productive capacity alongside PDVSA.
The Venezuelan government framed the deal as part of a broader strategy to position the country as an energy power capable of competing in global markets. A government statement noted that establishing such partnerships is essential for adapting to geopolitical shifts in the petrochemical and gas sectors. The agreement promises to supply gas for Venezuela's electrical system—a critical need given widespread power shortages—while simultaneously increasing production capacity for both domestic consumption and international sales.
For Repsol and Eni, the arrangement represents a calculated bet on Venezuela's recovery. Both companies maintained operations during years when many international firms divested or suspended activities, positioning them as among the few foreign investors with existing infrastructure and relationships in place. The Cardón IV field, with its current output of nearly 600 million cubic feet daily, offers substantial production potential if capital investment and technical expertise can be applied effectively. Whether the partnership can deliver on its promises depends on Venezuela's ability to secure financing, manage the technical challenges of offshore gas production, and navigate the international sanctions environment that has constrained the country's energy sector for years.
Citas Notables
I am very pleased that it is with the hand of two European companies that stayed in Venezuela, that believed in Venezuela and did not turn their backs on our people.— Delcy Rodríguez, Venezuelan government leader
Venezuela is determined to become an energy power, and for this it is essential to establish strategic agreements with global investors, adapting to the challenges of global geopolitics in the petrochemical and gas sector.— Venezuelan government statement
La Conversación del Hearth Otra perspectiva de la historia
Why would Repsol and Eni stay in Venezuela when so many other companies left?
They had existing operations and relationships. Walking away meant losing assets and market position. Staying, even at reduced capacity, kept them in the game for when conditions improved.
Is 580 million cubic feet a day actually a lot?
For context, it's substantial—enough to matter for a country's electrical grid and export potential. But it's also a baseline. The real question is whether they can increase it significantly with new investment.
What does Delcy Rodríguez gain by emphasizing loyalty?
It signals to other potential investors that Venezuela rewards companies that stick around. It's also a way of saying the government is moving toward pragmatism—working with whoever stayed rather than pursuing ideological confrontation.
Could this deal actually work, or is it mostly symbolic?
That depends entirely on capital and technical capacity. The field exists and produces. But expanding it requires sustained investment, skilled workers, and stable operations—all things Venezuela has struggled with.
What about the sanctions issue?
It's the elephant in the room. The agreement doesn't solve the fundamental problem that Venezuela's oil and gas sector operates under international restrictions. Repsol and Eni can work there, but financing and export markets remain constrained.