The acting president of Venezuela, Delcy Rodríguez, with representatives of European energy corporations Repsol and Eni at the signing of the agreement fot the Cardon IV gas project, March 12, 2026. Photo: Presidential Press.
Venezuela formalized the signing of an agreement with the oil companies Repsol (Spain) and Eni (Italy) for the development of the Cardón IV Consortium, one of the most important gas projects in the Caribbean.
The event, held on Thursday, March 12, was led by the acting president of Venezuela, Delcy Rodríguez, who highlighted the importance of this alliance for the country's energy sovereignty and the stability of the international market.
She highlighted that the Cardón IV project is not only a key piece for national industrial development but also a pillar for Venezuela's insertion into the global hydrocarbons market.
"The Cardón IV project woulld guarantee the supply of gas in our country, as well as for export," Rodríguez said, emphasizing that the strengthening of these operations allows Venezuela to consolidate itself as a reliable producer and supplier.
In a gesture of energy diplomacy, the acting president thanked the representatives of the European companies for maintaining their operations in Venezuela despite external pressures.
"In the name of the Venezuelan people, I thank you and say: here is a work team," she said.
Thereafter, she formally handed over the duty of supervision of the project to the minister of Hydrocarbons, Paula Henao.
Moreover, Rodríguez underscored Venezuela's role as a fundamental actor in OPEC and OPEC+, pointing out that the guiding principle of Venezuelan oil policy is to guarantee a reliable energy supply, contribute to the balance of the international economy, and promote multipolar cooperation in the energy sector.
With this signing, Venezuela takes a firm step toward expanding its natural gas export capacity, leveraging its vast reserves for the benefit of the people and global economic integration.
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This new agreement with Repsol and Eni adds to other recent agreements with other giants in the sector, such as Shell.
The agreement with Shell, focused on the reactivation of strategic oil production units, marked a turning point in the national energy policy by establishing mutually beneficial schemes aimed at increasing production through the incorporation of cutting-edge technology and international capital.
Similarly, Rodríguez has driven a transformation in the country's hydrocarbon sector, with agreements for gas export licenses and attracting investments for the processing of heavy crude oil.
On January 29, Venezuela enacted a partial reform of the Organic Law of Hydrocarbons, which modified 18 articles of the legal framework regulating the national oil industry. This reform, according to the Venezuelan government, responds to the need to modernize the energy sector, attract technological investment and capital, and reactivate production after years of unilateral coercive measures imposed by the US against the country.
(Telesur)
Translation: Orinoco Tribune
OT/SC/DZ
