Italian oil major Eni and Spain’s Repsol have sealed an agreement with Caracas to restart production at a giant offshore gas field, targeting the first shipments of Venezuelan natural gas by the close of 2031. The pact revives a project stalled for years, and will finally soon, promising to open a new export stream for the cash‑strapped South American producer.

Venezuela has long eyed its offshore reserves to offset dwindling onshore output, but sanctions and investment shortfalls have kept the field idle. By partnering with two European integrators, the government hopes to secure foreign capital and technical expertise, while investors anticipate a modest boost to regional gas supply and a hedge against tighter global LNG markets in the Caribbean basin.

With export pipelines slated for completion in the early 2030s, the deal could add several billion cubic feet per day to the Atlantic trade flow, improving Venezuela’s balance‑of‑payments and giving Eni and Repsol footholds in a market where U.S. and Russian supplies dominate. The agreement signals a rare instance of Western energy firms re‑engaging with Caracas under geopolitical constraints.